October 18, 2019 Comments Off on NorthMarq Secures $52M Refi on Downtown BK Apartments Views: 320 New York News, Outer Boroughs New York

NorthMarq Secures $52M Refi on Downtown BK Apartments

Robert Delitsky, managing director of NorthMarq’s New York City office, arranged a $51.85-million refinance of the BRiQ, a Class A, 21-story, 110-unit property at 237 Duffield St. in downtown Brooklyn that was completed last fall.

The property also contains a 10,600-square-foot commercial space on the ground floor and lower level. It’s leased to Lightbridge Academy, which will operate a daycare and learning facility in the space.

NorthMarq arranged the financing through its relationship with Freddie Mac, under Freddie Mac’s Lease-Up Loan Program.

“Ownership developed the BRiQ with a very high level of finishes that the market has found to be very desirable,” said Delitsky. “Lease-up has been very strong since the property opened last fall. Freddie Mac did an outstanding job understanding the dynamics of the marketplace.”

The BRiQ is located within walking distance of the Hoyt Street Subway station and major shopping on Fulton Street.

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