Aaron Appel, vice chairman at JLL
NEW YORK CITY—Cuyaga Capital Management received a refinancing loan for three multifamily properties in Bushwick, Brooklyn. Citigroup Global Markets provided an interest-only loan for the Brooklyn-based real estate developer and manager, secured by the residential buildings located at 84 Noll St., 286 Stanhope St. and 324 Melrose St.
The portfolio comprises more than 62,000 square feet across the three multifamily buildings, with 63 residential units and six commercial units totaling about 5,650 square feet of office space. The properties were developed in 2009 and are situated close to one another.
Jones Lang Lasalle arranged the loan, which will be used for other properties. Vice chairman Aaron Appel, managing directors Keith Kurland and Jonathan Schwartz, EVPs Michael Diaz and Adam Schwartz, and analyst Matt Fagella led the JLL capital markets team handling the debt assignment.
“Cayuga Capital Management is at the forefront of Bushwick's transformation, having completed a number of other residential and retail projects in the area,” says Appel. “The firm has an intimate understanding of the neighborhood's demand drivers and has successfully capitalized on the seemingly insatiable appetite for growth in Brooklyn.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
