Value-Add for Downtown Brooklyn Office Property

Meadow Partners bought an office property a few feet away from the redeveloped Fulton Mall, surrounded by new residential and retail development. But the new owners plan to continue to operate 57 Willoughby Street as offices.

“Lenders continue to make capital available to projects that capitalize on the growing demand for high-quality office space in Brooklyn,” said Jonathan Schwartz, managing director for JLL.

A five-year, $50.2 million loan from Square Mile Capital will help pay for the acquisition and renovation of the six-story building. “As replacement costs prove to be more prohibitive and construction financing tightens, value-add assets have become increasingly attractive for investors, prompting lenders to find value in these types of projects,” said Aaron Appel, managing director for JLL.

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