Williamsburg developer lands $57M refi to complete 329 Broadway
329 Broadway and JLJ CEO Jonathan Lewis (Credit: Syndicate Architecture, Google Maps)
Parkview Management landed a $57 million loan from JLJ Capital to complete a mixed-use project with 63 residences at 329 Broadway in Williamsburg.
The 16-month loan has an eight-month extension, according to JLJ CEO Jonathan Lewis, who said his firm paid off the prior lender. Texas-based PLS New Line LLC agreed to lend the developer $28 million last year, records show. Skyline Capital placed the debt.
Parkview, led by Juda Klein, purchased the site for $4.7 million in 2013.
The mixed-use tower is next to the elevated train tracks and St. Paul’s Evangelical Lutheran Church. Plans call for a 195-foot tower with 63 residential units starting on the sixth floor.
There will be 59,000 square feet of retail space on the first two floors, and 24,500 square feet of community space on the third and fourth floors. The building has a total of 18,000 square feet of outdoor space.
The building was designed with exterior columns that give it a twisting and angular look.
Lewis said he liked that 329 Broadway is mid-construction. The foundation work is “the most risky part of any building,” he said. “We felt comfortable that most of the risk of finishing the building were taken out once the superstructure was complete.”