JLL’s Capital Markets experts announced that the firm secured a $29 million construction loan on behalf of Adam America Real Estate.
CapitalSource provided the loan, which will be used for the development of 308 North 7th Street, a 38-unit multifamily property in Williamsburg.
Managing director Aaron Appel and executive vice president Keith Kurland led the JLL team on the transaction.
“Williamsburg continues to see huge growth as it becomes more attractive to residential buyers,” said Appel. “With condominium units comprising just eight percent of Brooklyn’s total development pipeline, this multifamily asset is primed to deliver solid yields.”
The seven-story multifamily development will comprise 38 luxury units and will feature community amenities such as a fitness center, a courtyard, bike storage and rooftop common area with views of Manhattan and Brooklyn.
The building also provides access to the L and G subway lines, as well as the Brooklyn-Queens freeway and Citi Bike stations.