CapitalSource has provided Adam America Real Estate with a $29 million construction loan for the development of a 38-unit multifamily property in Williamsburg, Brooklyn, Commercial Observer has learned.
The seven-story development, located at 308 North 7th Street, will comprise 38 residential condominium units. Building amenities will include a fitness center, a courtyard and a rooftop common area with views of Manhattan and Brooklyn.
Aaron Appel and Keith Kurland in JLL’s real estate investment banking group arranged the financing for the transaction.
“Williamsburg continues to see huge growth as it becomes more attractive to residential buyers,” Mr. Appel said in prepared remarks to CO. “With condominium units comprising just 8 percent of Brooklyn’s total development pipeline, this multifamily asset is primed to deliver solid yields,” he said.
Representatives for Adam America did not immediately respond to requests for comment, and nor did officials at CapitalSource.