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Brokerage
Posted: March 1, 2024
JLL Capital Markets arranges $27 million loan to refinance 53 Broadway
Brooklyn, NY JLL Capital Markets has closed on a $27 million loan to refinance 53 Broadway, a 74-unit multi-housing property in the Williamsburg neighborhood.
JLL represented Broadway Brooklyn Acquisition, LLC, securing a five-year, fixed term loan from Cathay Bank, Inc.
Developed in 2013, 53 Broadway offers residents walkable access to shopping, dining, grocery stores, including Trader Joe’s and Whole Foods, and greenspaces, such as Domino Sugar Park and Bushwick Inlet Park.
Resident amenities include a lobby lounge, a full-service gym, game room and bike storage. The property also offers access to public transit, with express and local service to Manhattan, Queens and greater Brooklyn.
The JLL Capital Markets team that led the assignment included Steven Klein and Geoff Goldstein.
The Williamsburg residential submarket continues to be defined by a lack of supply, with current vacancy levels at 1.4% and rent growth anticipated to reach 7.6% in Q1 2024. Since the trough of Q3 2020, the vacancy rate has fallen from 8.3%, and market rents have increased 12.3%.
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