JLL Capital Markets announced that it has arranged the sale of an $88 million non-performing loan secured by The Kent House, a new mixed-use building with 96 multihousing units and 31,000 square feet of multi-level retail space in Williamsburg, Brooklyn.
JLL worked on behalf of Prophet Capital in the disposition of the $78 million first mortgage and a $10 million mezzanine loan, which was acquired by Invictus Real Estate Partners.
The Kent House is a seven-story, 87,809-square-foot luxury mixed-use building with studio, one-, two- and three-bedroom apartments that each feature large windows, hardwood floors, stainless steel appliances, quartz countertops and individually controlled heating and cooling. Building amenities include a rooftop deck, rear patio, spa, co-working space, fitness center, laundry room, bike room, parking garage and seventh-floor recreation room. The building features primary frontage and strong visibility at the corner of Metropolitan Ave. and Kent Ave.
The property is conveniently located at 187 Kent Ave. in the dynamic Williamsburg neighborhood with a wide variety of dining, shopping and recreational options nearby. The Kent House provides superior transportation access and is situated in a highly walkable and biker-friendly neighborhood, along with the popular J and L trains that run to Manhattan within close walking distance.
The JLL Capital Markets team that arranged the loan sale was led by Managing Directors Brett Rosenberg and Scott Aiese, Senior Director Steven Rutman and Associate Bill Butler.
“This was a unique opportunity to acquire a non-performing whole loan directly from the original lender secured by a newly constructed mixed-use asset in a highly desirable market,” Eric Scheffler of Invictus said.
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 sales and 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.
