Barings has provided $58 million in refinancing for 1333 Broadway, a newly opened 106-unit mixed-income apartment building in Bushwick, Brooklyn. The property is a joint venture between Ekstein Development Group and Standard Real Estate Investments.
JLL Capital Markets arranged the deal, with Peter Rotchford, Rob Hinckley, and Robert Tonnessen leading the transaction. The building launched just last month, moving quickly into refinancing territory as developers lock in favorable debt terms on stabilized assets.
The $58 million refi marks a significant move for the project owners. Fresh apartment buildings typically enter the market with construction debt, then transition to permanent financing once lease-up reaches acceptable levels. This rapid move to refinance suggests the property achieved strong initial occupancy and rental performance.
For the owners, the Barings deal provides capital relief and potentially better terms than the original construction financing. Ekstein and Standard can now extract equity or redeploy capital to other projects. The refinance also locks in rates before further potential increases, protecting the partnership's return profile.
Bushwick continues to attract multifamily investment despite market headwinds elsewhere in Brooklyn. The neighborhood's combination of transit access, younger demographics, and walkability keeps developers and lenders interested. Mixed-income buildings like this one meet demand from renters across multiple affordability tiers while accessing lower-cost debt through affordable housing components.
For potential residents, the building's mixed-income structure means some units rent below market rate while others command standard rates. This creates diversity but also indicates the developer's reliance on affordability programs to support the pro forma. Tenants benefit from newer construction amenities and systems, though rental prices likely reflect both the building's newness and Bushwick's ongoing gentrification.
The deal also signals confidence from institutional lenders like Barings in multifamily assets