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.”
The seven-story, 142-unit newly-constructed site--overlooking McCarren Park--is located on the southwest corner of Berry and North 12th Streets. Completed in 2010, the fully-leased building features studio, one- and two-bedroom units ranging from 463 square feet to 1,168 square feet. Amenities here include a 24-hour concierge service, fitness center, a top-floor lounge with catering kitchen and billiards table. The site is also steps away from boutiques, galleries, restaurants, bars and clubs, as well as the L subway line, which is one stop away from Manhattan.
LCOR, a national real estate investment, management and development company specializing in large-scale multifamily and mixed-use, has developed more than 20,000 multifamily homes across the US, including the Chelsea Stratus in Manhattan and the Montclair Apartments in Silver Spring, MD. On the office side, the firm recently developed 545 Madison Ave. in the Plaza District of Manhattan.
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