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Williamsburg Rental Property Lands $27M Refi
Broadway Brooklyn Acquisition has secured a $27 million loan to refinance 53 Broadway, a 74-unit multi-housing property in Williamsburg. Cathay Bank, Inc., provided the five-year, fixed-term loan.
Built in 2013, 53 Broadway’s amenities include a lobby lounge, full-service gym, game room, and bike storage. JLL represented the borrower with a team led by Steven Klein and Geoff Goldstein.
The Williamsburg residential submarket is characterized by limited supply, with current vacancy levels at 1.4 percent and anticipated rent growth of 7.6 percent in Q1 2024. Since Q3 2020, the vacancy rate has dropped from 8.3 percent, and market rents have risen by 12.3 percent, according to JLL’s data.
On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.
- ◦Financing
