Lightstone secures $165.6 in financing for Gowanus rental property

NEW YORK, Jan. 9, 2024 – JLL Capital Markets announced today that it has arranged a $165,584,000 refinancing for 365 Bond St., a 430-unit multi-housing property in the Gowanus neighborhood of Brooklyn.

JLL represented the borrower, Lightstone, a diversified privately held real estate investment firm led by David Lichtenstein, to secure the five-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

365 Bond St. is a 430-unit class-A residential rental property developed by Lightstone in 2016. The property features 40,000 square feet of amenity space and 30,000 square feet of green space. A 2,407-square-foot, ground-floor commercial space is occupied by a coffee shop.

Situated two blocks from the Carroll Street Subway Station and three blocks from the Union Street Station, providing one-stop service to Manhattan in 15 minutes, the property was built under the 421a tax abatement program. Eighty percent of its studio, one- and two-bedroom units are market rate, attracting tenants employed by leading tech and healthcare employers in the region.

The JLL Capital Markets team included Managing Directors Peter Rotchford and Michael Shmuely, Director Nicco Lupo, and multi-housing specialists Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster.

“As a pioneering developer in the Gowanus neighborhood, Lightstone is well positioned to continue to capitalize on demand for modern apartment living in a burgeoning and exciting market,” said Rotchford.

Shmuely added, “As a direct Freddie Mac Optigo lender and an industry leading capital markets team, JLL was uniquely positioned to advise the client towards an optimal execution for this asset. Despite market driven headwinds, this transaction proves there is strong liquidity in the capital markets for prime assets operated by best-in-class sponsors.”  

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 and sales 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.

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