Jed Resnick Of Douglaston Development Refinances Williamsburg Multifamily Asset For $171.5M With KKR

The asset involved in the transaction is a 509-unit apartment building located at 1 North 4th Street, Williamsburg, Brooklyn. The property has been refinanced with a loan amount of $171.5 million, replacing a previous loan of $206 million. The current valuation of the property is approximately $328 per square foot built.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $171,500,000
• Lender: KKR
• Landlord: Jed Resnick - Douglaston Development
• Previous Loan: $206,000,000 from Northwestern Mutual

The refinancing transaction involves KKR’s Commonwealth Annuity and Life Insurance Co. providing the new financing for Douglaston Development, which is represented by Jed Resnick in this deal.