Starwood Capital Provides $64M Refi for East Williamsburg Multifamily Property
The 162-unit rental property opened earlier this year and includes 49 affordable housing units
By Brian Pascus October 22, 2025 3:09 pm
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Slate Property Group and Avenue Realty Capital have secured $64 million to refinance the Welz, a 162-unit multifamily property that opened earlier this year in East Williamsburg, Brooklyn, Commercial Observer can first report.
Barry Sternlicht’s Starwood Capital is providing the three-year, floating-rate loan, which will retire existing construction debt, cover closing costs and help pay for the final months of lease-up.
Newmark’s Daniel Fromm arranged the financing.
Martin Nussbaum, founding principal of Slate Property Group, described the Welz as “a marquee, institutional-quality asset” and called East Williamsburg one of New York’s “most dynamic and ascendant neighborhoods,” in a statement.
Nussbaum cited the fact that the building is already 96 percent leased, despite opening in February 2025.
“The property’s expedited lease-up stands as a testament of the market’s stamp of approval,” he said. “We are grateful to the Starwood Capital team for their endorsement in the rare opportunity that the Welz provides.”
Located at 159 Boerum Street in East Williamsburg, the Welz stands 19 stories tall and spans 116,000 square feet. Apartments in the building range from studios to two-bedrooms. Amenities include concierge services, a fitness center, a roof deck, a parking garage and bike storage.
The Welz was partially funded through the now-expired 421a abatement, and 49 units are affordable.
In a statement, Udi Kore, managing principal of Avenue Realty Capital, cited the strong demand for luxury and affordable renter housing in the Williamsburg neighborhood.
“The Welz represents the type of well-located, thoughtfully designed multifamily asset that continues to outperform in New York City’s rental market,” he added.
Brian Pascus can be reached at bpascus@commercialobserver.com
