News release

Lightstone secures $165.6 in financing for Gowanus rental property

JLL Capital Markets represents developer in refinancing for 430-unit multi-housing property in Brooklyn

January 09, 2024

Linda O’Flanagan


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.

For more news, videos, and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Lightstone

Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing, and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 213 existing properties, Lightstone’s over $9 billion portfolio currently includes over 13 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.