Arrow Real Estate Advisors has arranged a $220 millioni permanent refinance on behalf of The Loketch Group, Joyland Group, and Meral Property Group for two newly developed, adjacent multifamily properties, Lorimer House and Copper Lofts, located at the corner of Lorimer Street and Broadway in Brooklyn, N.Y.
The permanent financing was arranged by Arrow Real Estate Advisors’ Morris Betesh, founder and managing partner; Alex Bailkin, senior vice president, and Andrew Rosenberg, analyst. The capital structure included a fixed-rate senior loan originated by Blackstone, with participation from CenterSquare, and retired the prior $172 million loan from TPG.
“These newly delivered Class A buildings underscore the sustained demand for luxury living in the heart of Williamsburg, and this permanent financing reflects that strength,” Betesh said. “Arrow created a highly competitive bidding environment across all execution types.”
The two eight-story properties total 318,428 gross square feet and comprise 336 residential units, supported by six ground-floor retail suites and 221 below-grade parking spaces. Unit mix ranges from studios to two-bedrooms, featuring condo-level specifications including stainless-steel appliance packages, modular closet systems, in-unit washers and dryers, and rain showers with glass enclosures.
Residents enjoy an extensive amenity program across both assets, including indoor and outdoor lounges, state-of-the-art fitness centers, bicycle storage, live-work space, full-time doorman service, activated rooftop spaces, and a coffee & pastry residence lounge.
Construction was completed on both properties in the summer of 2024 and were fully stabilized within nine months of delivery. The refinance replaces more expensive transitional debt on the property with a fixed rate, and five-year interest only loan, positioning the sponsorship group ideally as they look to execute on their long-term hold objectives for these institutional-grade assets.
