Brooklyn Apartments Land $90M Refi
The funds replace a construction loan from 2023.
New York-based developer Mordechai Piller has obtained $90 million in refinancing for One Nine Rockwell, a 27-story, 174-unit multifamily property in Brooklyn. The proceeds of the loan will be used to complete lease-up and stabilization of the community, which is expected to finish construction in May of this year, according to Yardi Matrix information.
Affinius Capital provided the refinancing, which was arranged by David Bollag of Meridian Capital Group. The funds replace the $78 million construction loan originated by S3 Capital in 2023, according to Yardi Matrix.
One Nine Rockwell broke ground in January of 2024 in Brooklyn’s Fort Greene neighborhood, which is located near the western edge of the borough. It will include 35 studios 103 one- and 36 two-bedroom units, in addition to 1,200 square feet of retail space.
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Common-area amenities include a sky lounge on the 27th floor, with a sundeck and viewing area. The property also features a resident lounge, a library, coworking spaces, a fitness center with a yoga studio, and a pet spa. There are bicycle and other storage facilities.
The deal comes on the heels of refinancing provided by Affinius Capital for a multifamily property in Manhattan, the 160-unit 162 E. 36th St. The firm originated a $115 million loan, also for the purpose of stabilization and lease-up.
The borough’s strong metrics
Rent growth has been robust in Brooklyn recently, with rental rates climbing 5.5 percent annually as of the second quarter of 2025, according to a May 2025 report from Yardi Matrix. By contrast, many Sun Belt cities experienced rent declines in 2024 and 2025, aligning with expectations in the broader multifamily forecast.
Since the end of 2019, Brooklyn has seen one of the strongest rent growth figures of all submarkets nationally, coming in at a 44 increase for the period.Development also remains strong. As of March of last year, the borough had 25,623 units under construction, more than both Manhattan and Queens combined, according to the report.
The drivers of multifamily demand in Brooklyn are partly distinct from those of Manhattan by being less correlated with Wall Street hiring, according to NYC real estate firm Mathews. Demand in Brooklyn is more broadly tied to the health of the city’s creative, tech and professional services sectors.
