Robert Delitsky, managing director of NorthMarq’s New York City office, arranged a $51.85 million refinance of the BRiQ, a Class A, 21-story, 110 unit property located at 237 Duffield Street in Brooklyn that was completed in the fall of 2018.
The property also contains a 10,600 s/f commercial space on the ground floor and lower level that is leased to Lightbridge Academy which will operate a daycare and learning facility in the space.
NorthMarq arranged the financing through its relationship with Freddie Mac under Freddie Mac’s Lease-Up Loan Program.
The BRiQ is located in downtown Brooklyn within walking distance of the Hoyt Street Subway station and major shopping on Fulton Street.
“Ownership developed the BRiQ with a very high level of finishes that the market has found to be very desirable,” said Delitsky. “Lease up has been very strong since the property opened last fall. Freddie Mac did an outstanding job understanding the dynamics of the marketplace.”