Partially Affordable Brooklyn Community Receives $32M Loan

Caesura is a recently completed, 132-unit residential building in the borough’s Cultural District. HFF Managing Director Steven Klein and Senior Director Geoff Goldstein worked on behalf of the borrower.
Caesura
Caesura

HFF has facilitated a $32 million loan for Caesura, a newly completed, 123-unit residential building with ground-floor retail space in Brooklyn’s Cultural District. Steven Klein, managing director at HFF, and Senior Director Geoff Goldstein both represented borrower Jonathan Rose Cos. in the deal. The team secured a 10-year, fixed-rate loan with Allegiant Real Estate Capital, which will be used to replace the existing construction loan.

Located at 280 Ashland Place, Caesura is at the confluence of Fort Greene and Downtown Brooklyn, directly across from the BAM Howard Gilman Opera House and a Whole Foods Market store. The 12-story building features 74 market-rate apartments and 49 affordable units as well as 2,400 square feet of retail space.

According to Yardi Matrix data, Caesura is LEED Platinum certified. Leasing at the property began in December 2017, with the asset’s occupancy currently exceeding 80 percent. In-unit amenities include walk-in closets, washers, dryers and kitchen islands. The elevator-served building incorporates a fitness center, community lounge, game room, roof garden and library.

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.

Image via Google Street View