JLL Capital Markets successfully facilitated $173 million in bridge financing for Lorimer House, a mixed-use development located at 28 Boerum St. in the vibrant neighborhood of South Williamsburg, Brooklyn. The joint venture behind this project includes The Loketch Group, The Joyland Group and Meral Property Group.
Working on behalf of the borrowers, JLL Capital Markets secured the financing through TPG Real Estate Credit. Leading this effort were Aaron Niedermayer and Ethan Stanton from JLL’s team.
According to Niedermayer, “This financing is a testament to the appeal of high-quality multifamily properties in New York City among investors.” Lorimer House was designed by ODA and features eight stories with 270 units ranging from studios to two-bedroom apartments. Residents will have access to various amenities such as indoor/outdoor lounges, fitness centers, bike storage facilities, pet spa services,and underground parking. Additionally,the development boasts a party room,a work-study lounge,and an expansive rooftop deck for residents’ enjoyment.
