NEW YORK – JLJ Capital has provided a $57 million loan to 329 LLC for a mixed-use project in Williamsburg, Brooklyn. The financing will assist in the completion of the 17-story tower located at 329 Broadway.
The 105,364-square-foot property will feature 60,000 square feet of ground-floor retail space. The second floor of the building will be dedicated to commercial office space, and an additional three floors will feature community facilities.
More than 45,000 square feet of the property will serve as net leasable residential space on floors six through 12, with 63 units ranging from studios to three-bedroom apartments.
The project will offer a number of common areas and amenities, such as terraces, decks, a 50-car sub-cellar parking garage and more than a half-acre of outdoor space.
The tower is situated next to the St. Paul's Evangelical Lutheran Church landmark, with nearby access to the M, J and Z subway lines. The project is currently slated for a late-2020 completion.
Aiming to help alleviate the area's housing issues, 329 LLC plans to apply for a 421(a) tax exemption as the building's owner, in an effort to receive tax credits by leasing 30% of the building's units at "affordable" rent prices.
JLJ Capital is currently financing various projects throughout New York, New Jersey, Pennsylvania and Texas.
JLJ Capital, founded in 2017, is a middle-market, private commercial real estate lender, that provides creative alternative, short-term financing solutions for major real estate projects within the multifamily and mixed-use real estate sectors. The firm partners with developers and operators to offer bridge-lending, acquisitions, ground-up construction, short-term financing, mezzanine, mortgage takeout, partner buyout and more.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
