NEW YORK CITY-In a highly sought after deal, HFF secured and arranged a $31 million refinancing for LCOR’s 34 Berry, a class A multifamily building located in North Williamsburg, Brooklyn on Monday afternoon. The real estate and capital markets firm worked exclusively on behalf of the borrower to secure the 10-year, fixed-rate loan through Northwestern Mutual.

HFF's senior managing director Jon Mikula tells GlobeSt.com that the loan proceeds are paying off an existing construction loan. Mikula represented LCOR along with managing director Jim Cadranell and fellow senior managing director Jay Marshall.

“Certainly multifamily is the preferred property type these days, not just locally, but globally,” Mikula says, explaining that the strength of the Williamsburg multi-housing market attracted HFF to the transaction. “Rents are on their way up, concessions are down and there’s a big demand for multifamily.”