JLL Capital Markets announced it has arranged $27.7 million in financing to recapitalize a mixed-use Brooklyn multifamily portfolio including residential and retail properties located in prime neighborhoods such as Greenpoint and Williamsburg.
JLL represented the borrower, a joint venture between The Mann Group, LLC, a New York-based residential investment, development and management firm led by Eric Mann, and True North Management, a private real estate investment firm, to secure two separate loans for $20.2 million and $7.5 million from Citigroup.
The first Brooklyn multifamily portfolio includes properties at 591, 592, 593, 595, 574 and 602 Manhattan Avenue and 872 Lorimer Street in Greenpoint. Currently 100 percent occupied, it includes 33 residential rental units all upgraded with modern finishes, stainless steel appliances and in-unit washer dryers and six fully occupied retail units.
The second Brooklyn multifamily portfolio consists of two mixed-use free market buildings. 126 Bedford Avenue is a four-story Williamsburg property with five fully renovated residential apartments and a newly leased ground-floor retail unit. 152 Norman Avenue in Greenpoint consists of six residential units and ground-floor retail. Both properties are fully occupied.
The JLL team that represented the borrower included Senior Managing Director Scott Aiese and Director Alex Staikos.
“The sponsors are exceptionally experienced investors, who acquired these properties as part of a value-add strategy that continues to pay dividends in the city’s supply constrained multi-housing market,” said Aiese. “Lenders were eager to partner with a best-in-class New York City operator and a national asset manager on a newly renovated, mixed-use portfolio situated in highly sought-after neighborhoods.”
Greenpoint and Williamsburg are prime Brooklyn neighborhoods offering extensive transportation options, well-established retail with independent boutiques, popular restaurants and national tenants, including Whole Foods, Apple, Nike, Equinox and Sephora.
North Brooklyn has seen more than two million square feet of office development in the past two years, attracting a talented workforce seeking a vibrant lifestyle with access to open space and the type of cultural and social attractions that abound in Brooklyn.
JLL’s Capital Markets group 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.
