{"id":1004162872,"date":"2017-01-03T04:18:34","date_gmt":"2017-01-03T12:18:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004162872"},"modified":"2020-05-12T01:38:46","modified_gmt":"2020-05-12T09:38:46","slug":"financing-arranged-for-brooklyn-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/financing-arranged-for-brooklyn-office-building\/","title":{"rendered":"Financing Arranged for Brooklyn Office Building"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><strong>New York<\/strong>\u2014Meadow Partners has received $50.2 million in financing to acquire and renovate 57 Willoughby St., a six-story office building located in the center of downtown Brooklyn, N.Y., which was owned by Helen Keller Services For the Blind.<\/p>\n<div id=\"attachment_1004162893\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/57-Willoughby-St.-in-Brookly2n.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004162893\" data-attachment-id=\"1004162893\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/financing-arranged-for-brooklyn-office-building\/57-willoughby-st-in-brookly2n\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/57-Willoughby-St.-in-Brookly2n.jpg\" data-orig-size=\"480,360\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"57 Willoughby St. in Brooklyn2n\" data-image-description=\"&lt;p&gt;57 Willoughby St. in Brooklyn2n&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;57 Willoughby St. in Brooklyn2n&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/57-Willoughby-St.-in-Brookly2n.jpg?w=480\" class=\"wp-image-1004162893 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/57-Willoughby-St.-in-Brookly2n.jpg\" alt=\"57 Willoughby St. in Brooklyn2n\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/57-Willoughby-St.-in-Brookly2n.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/57-Willoughby-St.-in-Brookly2n.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004162893\" class=\"wp-caption-text\">57 Willoughby St. in Brooklyn<\/p><\/div>\n<p>Square Mile Capital Management LLC secured the loan, which was brokered by Aaron Appel, Jonathan Schwartz, Michael Diaz and Matt Collins of JLL\u2019s New York City office.<\/p>\n<p>\u201cThis transaction provides us with the opportunity to further expand our foothold in Brooklyn and establish a lending relationship with Meadow Partners,\u201d Sean Reimer, Square Mile\u2019s vice president, said in a prepared release. \u201cThe downtown Brooklyn submarket is experiencing dynamic economic growth, favorable demographic trends and low vacancy rates.\u201d<\/p>\n<p>Approximately $10 million of the money will be used to renovate and reposition the 124,000-square-foot property, which includes ground floor retail space.<\/p>\n<p>The building is fully leased to nonprofit Housing Works and others. Helen Keller For The Blind currently occupies 20,900 square feet of space on two floors and plans to relocate in 2017.<\/p>\n<p>Located at the intersection of Willoughby and Lawrence streets, the building benefits from convenient transportation access, with the Jay Street-Metro Tech subway station around the corner accessing the A, C, F, N and R lines that reach various parts of Manhattan. The property is also just one block from Fulton Mall.<\/p>\n<p>According to Reimer, the area continues to be a favorable lower-cost alternative to Manhattan, and 57 Willoughby St., will be well positioned to fulfill the demand for office and retail in downtown Brooklyn.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/matrix.pi-ei.com\/home\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meadow Partners used the $50.2 million loan to acquire and renovate the six-story property at 57 Willoughby St.<\/p>\n","protected":false},"author":451,"featured_media":1004162893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1600,21742,10,21747],"tags":[32796,32981,33318],"class_list":["post-1004162872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-jll","tag-meadow-partners","tag-square-mile-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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