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Barings Provides $58M to Refinance Newly Built Bushwick Apartments

JLL Capital Markets arranged a $58-million refinancing for 1333 Broadway, a newly constructed mixed-use multifamily property in Brooklyn’s Bushwick neighborhood. Senior managing directors Peter Rotchford and Rob Hinckley and senior director Robert Tonnessen represented a joint venture between Ekstein Development Group and Standard Real Estate Investments in securing the loan from Barings.

“Lenders continue to demonstrate conviction for well-located, newly delivered multifamily assets with durable cash flow fundamentals,” said Rotchford. “1333 Broadway’s proximity to transit, strong Bushwick market dynamics and meaningful tax benefits made this an attractive financing opportunity and enabled us to secure a strong outcome for ownership.”

Completed in April of this year, 1333 Broadway is a 20-story property comprising 106 residential apartments, including 74 market-rate and 32 affordable units. It also features approximately 29,000 square feet of commercial space, including retail frontage along Broadway and studio space.

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JLL's Rotchford

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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