JLL arranges $233m for 569-unit Brooklyn development

JLL Capital Markets has secured $233 million in construction financing for the ground-up development of 54 Crown, a 569-unit multi-housing 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.

“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 Christopher Peck, senior managing director at JLL.