Multifamily in BK’s Cultural District Gets $32M Loan
HFF has arranged $32 million in financing for Jonathan Rose Companies’ Caesura, a newly-completed, 123-unit residential building with ground-floor retail in Brooklyn’s Cultural District. The 10-year, fixed-rate loan with Allegiant Real Estate Capital replaced the existing construction debt.
The HFF team representing Jonathan Rose included managing director Steven Klein and senior director Geoff Goldstein.
“It was an absolute pleasure to work with the team at Jonathan Rose and Allegiant on this financing,” said Goldstein. “Jonathan Rose consistently develops transformative and totally authentic real estate projects that capture the spirit of their locations, and Caesura is no exception.”
Caesura comprises a mix of 74 market-rate and 49 affordable units within a 12-floor building at the corner of Ashland Place and Lafayette Avenue. Recently completed and already 80% occupied, the property sits at the confluence of Fort Greene and Downtown Brooklyn, both of which are seeing increasing development.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).