JLJ Capital Provides $57M Loan for Brooklyn Project
- Sep 06, 2019
JLJ Capital has provided a $57 million loan for the completion of a 17-story residential tower at 329 Broadway in the Williamsburg neighborhood of Brooklyn, N.Y. The 63-unit project, which will include nearly 60,000 square feet of retail space, is being developed by Parkview Management and is scheduled for completion in the second half of 2020.
The project is located at the corner of Broadway and Rodney Street, next to the landmark St. Paul’s Evangelical Church and the elevated Macy Avenue subway station, with connections to the M, J and Z lines. Upon completion, the property designed by Syndicate Architecture will feature more than 45,000 square feet of net leasable residential space, with units in ranging in size from studios to three-bedroom apartments, on floors six through 12.
The project will also include a number of decks, terraces, below-grade amenities and a subbasement parking garage for 50 cars, along with more than half an acre of outdoor space. The owner plans to apply for a 421(a) tax exemption, which provides tax credits in return for leasing 30 percent of the apartments at affordable rents as defined by the state.
Meadow Partners in June sold Rocket Factory Lofts, a 73-unit apartment building several blocks away for $61 million. The loft-style, luxury rental building at 100 S. Fourth St. is not rent-regulated.