Brooklyn Community Lands $27M Refi

Adam America, in partnership with The Horizon Group, developed the property.

Broadway Brooklyn Acquisition LLC has obtained $27 million from Cathay Bank for the refinancing of 53 Broadway, a 74-unit multifamily asset in Brooklyn, N.Y. JLL Capital Markets Senior Managing Director Steven Klein, alongside Managing Director Geoff Goldstein, secured the five-year, fixed-term note for the borrower.

Located in the Williamsburg neighborhood, the 2013-completed property is under 2 miles from Interstate 278, as well as less than one mile from Marcy Avenue’s subway station. Various dining, entertainment and retail options are also nearby.

Developed by Adam America in partnership with The Horizon Group, the building comprises studio, one- and two-bedroom floorplans. Units feature washers and dryers, oversized floor-to-ceiling windows, Kohler & Grohe fixtures and stainless-steel appliances. Community-wise, the property offers amenities such as a sauna, pool, lounge, fitness facility, game room and bike storage.

Williamsburg’s supply pipeline is set to add north of 1,900 units to the market, with some 140 coming online by the end of the year, according to Yardi Matrix data. One of the ongoing projects is a 19-story, 162-unit community developed by Slate Property Group, Avenue Realty Capital and SD Builders and Construction. Completion is expected in 2025.

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