Gowanus Refi Scores a First with Freddie Mac’s New Lease Up Program
JLL Capital Markets arranged a $136-million financing for 655 Union, a newly delivered 193-unit trophy multifamily property located in the Gowanus neighborhood of Brooklyn. Senior managing directors Christopher Peck and Peter Rotchford, managing director Michael Shmuely and senior director Nicco Lupo worked on behalf of the borrowers, Avery Hall Investments and Gindi Capital, to secure the financing through Freddie Mac and CenterSquare Investment Management.
The Freddie Mac loan will refinance an existing construction loan. Reportedly it’s the first transaction in New York to utilize Freddie Mac’s Lease Up program, in which sponsors who achieve NOI improvements
between the first and second year of their loan can return to secure additional proceeds at first mortgage pricing.
Delivered in 2025, 655 Union is a fully leased 15-story, 194,454-square-foot mixed-use property with
143 market-rate units and 50 affordable units and approximately 14,764 square feet of ground-floor retail
space.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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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