Starwood Capital Provides $64M Refi for Williamsburg Apartments
Slate Property Group has closed on a $64-million refinancing for The Welz, a 162-unit multifamily property located at 159 Boerum St. in East Williamsburg, Brooklyn. Starwood Capital Group provided the loan.
Newmark’s Jordan Roeschlaub, Daniel Fromm, Ryan Sullivan and Capri Van Gilder arranged the refi. The Newmark team previously arranged $55 million in construction financing in January 2023.
Developed by Slate Property Group and its partner Avenue Realty Capital, and designed by Aufgang Architects, The Welz is a 19-story, 116,000-square-foot property. The development was completed in February 2025 and is currently 96% leased.
“With residences boasting floor-to-ceiling windows that showcase panoramic views, premier finishes and in-demand amenities, the property’s expedited lease-up stands as a testament of the market’s stamp of approval,” said Martin Nussbaum, founding principal, Slate Property Group. “We are grateful to the Starwood Capital team for their endorsement in the rare opportunity that The Welz provides.”
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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