JLL Capital Markets arranged $173 million in bridge financing for Lorimer House, a 270-unit, mixed-use development at 28 Boerum St. in South Williamsburg, Brooklyn.
JLL worked on behalf of the borrowers, a joint venture of The Loketch Group, The Joyland Group and Meral Property Group, to secure the financing through TPG Real Estate Credit. The JLL Capital Markets team representing the borrower was led by Aaron Niedermayer and Ethan Stanton.
“This financing demonstrates the continued attractiveness of high-quality, newly constructed multifamily product in New York City from a capital perspective,” Niedermayer said.
Lorimer House is an eight-story, mixed-use development designed by Oda. With residences ranging from studios to two-bedroom units, including some with private outdoor space, the development will offer amenities package including indoor and outdoor lounges, fitness centers, bike storage, pet spa, underground parking, party room, work-study lounge and an expansive rooftop deck.
