57 Willoughby Street, a six-story office building located right in the center of Downtown Brooklyn, has been secured by Square Mile Capital Management; all thanks to a $50.2 million whole loan.
The loan was made by Meadow Partners, a privately-owned real estate investment and asset management firm.
The loan, which was arranged by Aaron Appel, Jonathan Schwartz, Michael Diaz and Matt Collins of JLL’s New York City office; will be used for the renovation and reposition of the property. According to the Real Deal, Meadow Partners paid $54 million for the office building.
The 124,000 square-foot property is one block away from Fulton Mall, at the intersection of Willoughby Street and Lawrence Street.
Sean Reimer, Square Mile Vice President, commented: “This transaction provides us with the opportunity to further expand our foothold in Brooklyn and establish a lending relationship with Meadow Partners. The Downtown Brooklyn submarket is experiencing dynamic economic growth, favorable demographic trends and low vacancy rates. As the area continues to be a favorable lower-cost alternative to Manhattan, 57 Willoughby Street will be well positioned to fulfill the demand for office and retail in Downtown Brooklyn.”