JLL Capital Markets arranges transaction for 74-unit multi-housing property in supply-constrained Brooklyn submarket
News release
22 February 2024
Cathay Bank funds $27M refinancing for Williamsburg rental property
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NEW YORK, Feb. 22, 2024 – JLL Capital Markets today announced it has closed on a $27 million loan to refinance 53 Broadway, a 74-unit multi-housing property in the Williamsburg neighborhood of Brooklyn.
JLL represented Broadway Brooklyn Acquisition, LLC, securing a five-year, fixed term loan from Cathay Bank, Inc.
Developed in 2013, 53 Broadway is situated at the heart of Williamsburg, offering residents walkable access to eclectic shopping, Michelin-star 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 outfitted for socializing, a full-service gym, game room and bike storage. The property also offers convenient 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 percent and rent growth anticipated to reach 7.6 percent in Q1 2024. Since the trough of Q3 2020, the vacancy rate has fallen from 8.3 percent, and market rents have increased 12.3 percent.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor Knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.