Barings Provides $58M to Refinance Newly Built Bushwick Apartments
JLL Capital Markets arranged a $58-million refinancing for 1333 Broadway, a newly constructed mixed-use multifamily property in Brooklyn’s Bushwick neighborhood. Senior managing directors Peter Rotchford and Rob Hinckley and senior director Robert Tonnessen represented a joint venture between Ekstein Development Group and Standard Real Estate Investments in securing the loan from Barings.
“Lenders continue to demonstrate conviction for well-located, newly delivered multifamily assets with durable cash flow fundamentals,” said Rotchford. “1333 Broadway’s proximity to transit, strong Bushwick market dynamics and meaningful tax benefits made this an attractive financing opportunity and enabled us to secure a strong outcome for ownership.”
Completed in April of this year, 1333 Broadway is a 20-story property comprising 106 residential apartments, including 74 market-rate and 32 affordable units. It also features approximately 29,000 square feet of commercial space, including retail frontage along Broadway and studio space.
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout