JLL arranges $233 million in construction financing for 569-unit Brooklyn rental development

Goldman Sachs Asset Management funds loan for new ground-up multihousing property in Crown Heights

54 Crown
JLL secured $233 million in construction financing for the development of 54 Crown, a 569-unit development located in Crown Heights, Brooklyn. 

JLL Capital Markets announced that it has secured $233 million in construction financing for the ground-up development of 54 Crown, a 569-unit multihousing development located at 54 Crown St., in Crown Heights, Brooklyn.

JLL worked on behalf of the borrower, a real estate investment manager specializing in U.S. multi-housing, to secure the floating-rate loan through the Urban Investment Group within Goldman Sachs Asset Management.

JLL’s Capital Markets Advisory team was led by Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley.

“We are thrilled to have completed this transaction with a strong sponsor, who is committed to bringing much-needed housing to the Brooklyn market and has proven its ability to successfully deliver exceptional homes in high barrier-to-entry locations,” said Peck.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.