Arrow Real Estate Advisors arranges $220 million permanent refinance for Lorimer House and Copper Lofts

Brooklyn, NY Arrow Real Estate Advisors has arranged a $220 million permanent refinance on behalf of The Loketch Group, Joyland Group, and Meral Property Group for two newly developed, adjacent multifamily properties, Lorimer House and Copper Lofts, located at the corner of Lorimer St. and Bdwy.

The permanent financing was arranged by Arrow Real Estate Advisors’ Morris Betesh, founder and managing partner, Alex Bailkin, senior vice president, and Andrew Rosenberg, analyst. The capital structure included a fixed-rate senior loan originated by Blackstone, with participation from CenterSquare, and retired the prior $172 million loan from TPG.

“These newly delivered Class A buildings underscore the sustained demand for luxury living in the heart of Williamsburg, and this permanent financing reflects that strength.” said Morris Betesh, founder and managing partner of Arrow Real Estate Advisors. “Arrow created a highly competitive bidding environment across all execution types, and we are proud to have secured exceptionally efficient terms for our clients.”

The two 8-story properties total 318,428 gross s/f and comprise 336 residential units, supported by six ground-floor retail suites and 221 below-grade parking spaces. Unit mix ranges from studios to two-bedrooms, featuring condo-level specifications including stainless-steel appliance packages, modular closet systems, in-unit washers and dryers, and rain showers with glass enclosures.

Residents have an extensive amenity program across both assets, including indoor and outdoor lounges, fitness centers, bicycle storage, live-work space, full-time doorman service, activated rooftop spaces, and a coffee and pastry residence lounge.

Construction was completed on both properties in the summer of 2024, marking a significant infusion of high-quality residential inventory into the evolving Lorimer corridor of Williamsburg. The Properties achieved an accelerated lease up timeframe and were fully stabilized within nine months of delivery, demonstrating the insatiable demand for rental housing in the submarket. The refinance replaces more expensive transitional debt on the property with a fixed rate, and five-year interest only loan, positioning the sponsorship group as they look to execute on their long-term hold objectives for these institutional-grade assets.