Arrow Real Estate Advisors arranged a $220,000,000 permanent refinance on behalf of The Loketch Group, Joyland Group and Meral Property Group for two newly developed, adjacent multifamily properties, Lorimer House and Copper Lofts, located at the corner of Lorimer Street and Broadway in Williamsburg, Brooklyn.
The permanent financing was arranged by Arrow Real Estate Advisors founder and managing partner Morris Betesh, SVP Alex Bailkin and analyst Andrew Rosenberg. The capital structure included a fixed-rate senior loan originated by Blackstone, with participation from CenterSquare, and retired the prior $172,000,000 loan from TPG.
“These newly delivered Class A buildings underscore the sustained demand for luxury living in the heart of Williamsburg, and this permanent financing reflects that strength.” said Betesh. “Arrow created a highly competitive bidding environment across all execution types, and we are proud to have secured exceptionally efficient terms for our clients.”
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