Bank of Princeton Refis Brooklyn Apartments With $31M Loan

reprints


Brooklyn developer CW Realty has nabbed a $31 million debt package to refinance a multifamily asset in East Williamsburg, Commercial Observer has learned.

Bank of Princeton provided the loan on CW Realty’s The Vertex property, which opened earlier this year, sources told CO. The financing takes out a previous $20 million construction loan on the 69-unit development.

SEE ALSO: Namdar and Empire’s 345 Seventh Avenue Headed to UCC Auction

Landstone Capital’s Leah Paskus and Pinchas Vogel arranged the transaction. 

Located at 280 Meeker Avenue, the eight-story apartment building consists of studios, one-, two- and three-bedroom units — 21 of which are designated as affordable. 

The property’s amenities include a furnished rooftop deck, a fitness center, coworking space and a resident lounge.

CW Realty has developed a number of other multifamily projects in Brooklyn including The Kent House, a mixed-use property at 187 Kent Avenue featuring 96 rental units, and Showfields, a lifestyle discovery store designed to look like a six-room home. It is also building a 98-unit apartment building on 1499 Bedford Avenue in Crown Heights slated for completion soon. 

Officials at Bank of Princeton, CW Realty and Landstone Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com