TPG Provides $173M Bridge Financing for Brooklyn Multifamily Property
The 270-unit mixed-use multifamily is a joint venture by three developers and is connected to Copper Lofts
By Brian Pascus August 1, 2024 11:39 am
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A joint venture among The Loketch Group, Joyland Management and Meral Property Group has secured $173 million in bridge financing to finalize construction of Lorimer House, an eight-story, mixed-use multifamily building in Williamsburg, Brooklyn, Commercial Observer has learned.
TPG Real Estate Credit provided the financing, while a JLL Capital Markets team of Aaron Niedermayer and Ethan Stanton arranged the transaction.
“This financing demonstrates the continued attractiveness of high-quality, newly constructed multifamily product in New York City from a capital perspective,” Niedermayer said in a statement.
Located at 28 Boerum Street in South Williamsburg — adjacent to the elevated JMZ subway Line — Lorimer House will feature 270 multifamily units and ground floor retail.
The apartment complex is connected via an elevated skybridge to Copper Lofts at Lorimer House, a concurrent new development featuring 66 luxury multifamily units. The joint venture features three balcony-lined interior courtyards facing each other across two buildings, according to the website of ODA, the project’s architect.
Lorimer House’s rounded-corner building features steel exteriors, floor-to-ceiling windows and numerous setbacks, while the courtyard-facing interior units showcase outdoor terraces arranged Jenga-style, per previously released renderings.
Upon completion, Lorimer House will house apartments ranging from studios to two-bedrooms and include amenities such as outdoor lounges, a fitness center, bike storage, a pet spa, underground parking, a party room, and a rooftop deck.
The Loketch Group, Joyland Management and Meral Property Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
