240 Meeker Ave. in Williamsburg, Brooklyn/ Image: Google Maps
NEW YORK CITY—A 46-unit, post-war multifamily building at 240 Meeker Ave. in Williamsburg, Brooklyn received $19.6 million in financing from Fannie Mae. Stewart Campbell of Berkadia's Manhattan office secured the financing on behalf of the borrower, New York-based 240 Meeker Ave. Corporation headed by CEO Paul Grosman.
The 10-year, permanent loan has a 4.37% fixed-interest rate. “The new loan financing provided a great long-term rate while maximizing proceeds and property cash flow with 72 months of interest-only payments,” says Campbell. Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.
The property features one- and two-bedroom apartments with natural light and terraces or balconies in every unit. In addition to a rooftop deck and on-site parking, the building is close to McCarren Park and other neighborhood attractions. The Brooklyn submarket has become its own tourist destination with venues such as the Museum of Food and Drink Lab, the Brooklyn Winery, and the Music Hall of Williamsburg.
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.
