Square Mile Capital Management announced that it has originated a $50.2 million whole loan secured by 57 Willoughby Street, a six-story office building located in the center of Downtown Brooklyn, New York.
The loan was made to Meadow Partners, a privately-owned real estate investment and asset management firm.
The financing, which will be used to renovate and reposition the property, was arranged by Aaron Appel, Jonathan Schwartz, Michael Diaz and Matt Collins of JLL’s New York City office.
Meadow Partners paid $54 million for the office building, according to The Real Deal.
The 124,000 s/f property, which includes ground floor retail space, is located at the intersection of Willoughby Street and Lawrence Street. It is one block from Fulton Mall, one of the city’s most popular mass market retail locations.
Square Mile Vice President Sean Reimer said, “This transaction provides us with the opportunity to further expand our foothold in Brooklyn and establish a lending relationship with Meadow Partners. The Downtown Brooklyn submarket is experiencing dynamic economic growth, favorable demographic trends and low vacancy rates. As the area continues to be a favorable lower-cost alternative to Manhattan, 57 Willoughby Street will be well positioned to fulfill the demand for office and retail in Downtown Brooklyn.”