Citigroup Refis East Williamsburg Apartments With $88M Loan
By Andrew Coen April 9, 2025 11:58 am
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A consortium of developers has landed an $88 million loan to refinance a newly completed multifamily asset in East Williamsburg, Brooklyn.
Citigroup (C) provided the loan on the 138-unit development at 828 Metropolitan Avenue backed by Joyland Management, the Kubersky family, Prospect Developers, Yoel Hershkowitz, Judy Wolcowitz and Konstantin Gubareff, Commercial Observer can first report.
Arrow Real Estate Advisors arranged the transaction with a team consisting of Morris Betesh, Jack McPhail and Alex Ellman.
Betesh said in a statement that the deal “is a testament to both the incredible asset itself and the highly skilled team behind the project.”
The 828 Metropolitan project, which has an alternative address of 9 Bushwick Avenue, is marketed by Joyland Management as The Wave Metropolitan Avenue. The project features 9,700 square feet of commercial space and an indoor parking garage, according to the Joyland website.
The development received a $60 million construction loan from Bridge City Capital in late 2023, as CO first reported at the time. The eight-story building received a tax exemption under the now-expired 421a tax abatement program since 37 of the 138 apartments are designated as affordable housing.
Officials at Citi and the development team behind 828 Metropolitan Avenue did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
