Broadway Brooklyn Acquisition recently secured a $27 million loan to refinance 53 Broadway, a multi-housing property located in the highly sought-after Williamsburg neighborhood. The five-year fixed-term loan was provided by Cathay Bank, Inc.
Constructed in 2013, this premier property boasts top-notch amenities such as a stylish lobby lounge, state-of-the-art gym facilities, an entertaining game room and convenient bike storage. JLL expertly represented the borrower with Steven Klein and Geoff Goldstein leading the team.
The Williamsburg residential submarket is known for its limited supply of housing options with current vacancy rates at just 1.4 percent. It is projected that rent prices will continue to rise by 7.6 percent in Q1 of 2024 due to high demand for rental properties in this area. According to data from JLL’s market research team, since Q3 of last year vacancy rates have significantly decreased from 8.3 percent while market rents have increased by an impressive rate of12 .3percent.
