Barings Provides $58M Refi for Bushwick Multifamily Building

A joint venture between Ekstein Development Group and Standard Real Estate Investments has secured $58 million to refinance 1333 Broadway, a 106-unit mixed-income apartment building that opened last month in Brooklyn, Commercial Observer can first report. 

Barings provided the debt, while a JLL Capital Markets team of Peter Rotchford, Rob Hinckley and Robert Tonnessen arranged the transaction. 

“We continue to see attractive opportunities in high‑quality multifamily assets in markets with strong underlying fundamentals,” said Ryan Naumes, managing director at Barings, noting that the Bushwick neighborhood of Brooklyn is a dynamic retail corridor that has seen its population of young professionals grow in recent years. 

1333 Broadway is one block from the Gates Avenue train station on the street that forms the dividing line between Brooklyn’s Bushwick and Bedford-Stuyvesant neighborhoods. The 20-story building holds 74 market-rate units and 32 affordable units across 97,526 square feet of space. The building includes 29,000 square feet of ground-floor retail space, and was financed through a 35-year — now-defunct — 421a tax abatement and a 25-year ICAP tax abatement for the retail. 

“1333 Broadway’s proximity to transit, strong Bushwick market dynamics and meaningful tax benefits made this an attractive financing opportunity and enabled us to secure a strong outcome for ownership,” said JLL’s Rotchford. 

Brian Pascus can be reached at bpascus@commercialobserver.com.