Brooklyn Luxury High-Rise Gets $52M Refi

Freddie Mac provided the financing under the Lease-Up Loan Program for the new 110-unit project.
BRiQ. Image courtesy of Modern Spaces

Freddie Mac has provided a $51.9 million refinance of the BRiQ, a 21-story, 110-unit luxury rental development in downtown Brooklyn, N.Y. NorthMarq Managing Director Robert Delitsky arranged the financing for the new property at 237 Duffield St. under the Freddie Mac’s Lease-Up Loan Program, which allows developers to lock rates before the stabilization of a multifamily asset.

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The project was completed in the fall of 2018 and is being exclusively leased and marketed by family-run Gazal Brokerage Group, according to the property website. Yardi Matrix indicates that the asset is owned by Daniel Gazal along with Castle Rock Equity Group. The property was developed by CBZ Management, which is headed by Daniel Gazal and Shmaryahu Baumgarten, The Real Deal reported last year.

The community provides high-end studio, one- and two-bedroom units, including 22 apartments that offer 421-a tax incentives under New York City’s Inclusionary Housing Program. The building also incorporates 10,600 square feet of commercial space on the ground floor and lower level that is leased to Lightbridge Academy, which will open a daycare and learning center in the space.

Amenities include a communal lounge, two outdoor common areas and views of the East River and Manhattan. Demmerle Design Studio & Partners served as the design architect for the exterior and interior finishes, while Urban Tectonics LLC acted as the executive architect.

Downtown appeal

The transit-oriented property is located a short walk from the Hoyt Street, Jay Street MetroTech and Dekalb Avenue subway stops, with a 10-minute journey to Manhattan’s Wall Street. Also in the neighborhood are a variety of retail stores along Fulton Street, Fort Green and Columbus Parks and Long Island University’s Brooklyn campus.

Lease-up has been very strong since the property’s launch last fall, Delitsky noted in a statement. Modern Spaces was appointed as the exclusive marketing and leasing agent for the property last year but the firm told Multi-Housing News it is no longer involved in the project.