Joint venture partners of multifamily property, 268 Lorimer Street in Brooklyn, have landed $220 million loan to refinance the site. The ownership of the two residential buildings consists of Joyland Group, Meral Property Group and The Loketch Group.
Blackstone, along with participation from CenterSquare, originated the refinancing, as reported by the Commercial Observer. The debt carries a five-year term, with a fixed rate and interest only. The new deal will replace the existing $172 million loan that was provided by TPG.
Arrow Real Estate Advisors brokered the refinancing.
Both buildings were delivered recently, during the summer of 2024. The property, which sits in the Williamsburg neighborhood, spans 318,428 square feet and offers studio, one-bedroom and two-bedroom units. Plus, 268 Lorimer features six ground-floor retail suites, 221 parking spots, a fitness center and lounge space.
“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,” Morris Betesh, founder and managing partner at Arrow, said in a statement, according to CO.
“Arrow created a highly competitive bidding environment across all execution types.”
After performing resiliently for years after the pandemic, New York City rents finally pulled back. A recent report from Zumper found that declines on both a month-over-month and year-over-year basis for the first time since spring 2021, led by falling prices in the Bronx and Brooklyn. Yet, the metro remains the most expensive rental market in the nation, with one bedrooms averaging $4,400 and two bedrooms coming in at $5,200 in October.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.