55 Borinquen Place LLC

Joel Schwartz, represented by 55 Borinquen Place LLC, secured a $13.3 million refinancing deal with Starwood Mortgage Capital for the newly constructed 16-unit property at 45-55 Borinquen Place in Williamsburg, Brooklyn. The property, purchased on August 24, 2022, for $4 million, has 17,650 square feet of built space. The prior lender was BridgeCity Capital, with an original loan amount of $8.9 million. The zoning is R6, allowing up to 2.43 times floor area ratio for residential use, and the city-designated market value for 2022 is $990,000.