Luxury Brooklyn apartment property trades for $142M
JLL Funds Marketplaces has shut the $142 million sale of The Addison, a two-constructing, 271-device luxury condominium rental assets with three ground-floor retail spaces positioned at 225 Schermerhorn Road in Downtown Brooklyn, New York.
JLL promoted the house on behalf of the vendor, BentallGreenOak, a world actual estate financial investment management advisor and supplier of actual estate expert services. The assets was acquired by New York Metropolis-based mostly true estate financial commitment business, The Dermot Firm in partnership with USAA Real Estate and PGGM. JLL also represented the customer in securing acquisition financing from Capital One.
Finished in 2011, The Addison is a blended revenue developing featuring 65 studios, 117 a single-bedroom, and 89 two-bed room apartments. Situated in between Hoyt and Bond streets, the house is a combined use-creating consisting of two residential towers, three ground floor retail spaces and a down below-quality structured parking garage with 109 parking areas. The Livingston Street tower is composed of 26 stories, even though the Schermerhorn Road tower is 15 tales. The towers are interconnected and share all amenity spaces.
On the border of Boerum Hill, The Addison’s area supplies inhabitants a leading 24/7 dwell/get the job done/perform setting and proximity to transportation that lets for easy access to Manhattan in less than 20 minutes. It is positioned right higher than the Hoyt-Schermerhorn subway station (A, C, G), with an added 10 subway strains and the Atlantic Terminal traces are positioned in just a several blocks. Fort Greene Park is within strolling length of The Addison, as are an array of really rated places to eat, vendors and antique outlets on the Fulton Road and Atlantic Avenue retail corridors.
The JLL Cash Markets staff symbolizing the seller was led by Senior Handling Administrators Jeffrey Julien and Rob Hinckley, Controlling Director Steve Rutman, Senior Director Paul Spellman and Affiliate Jonathan Faxon. Spellman, along with Senior Managing Director Steven Klein and Vice President Christopher Pratt, from JLL Capital Marketplaces Personal debt Advisory, arranged the financing with Funds A person.
“There has been unparalleled investment decision of money in downtown Brooklyn in latest several years, reworking the submarket into an solely new community,” said Julien.
Andrew Levison, Husband or wife and Handling Director at The Dermot Business, mentioned, “The Addison is a marvelous house in a rapidly evolving community in which we have numerous a long time of practical experience. We are thrilled to bring our industry-leading expert services to the citizens of The Addison and to boost the constructing more than time. We are also thrilled to as soon as once again get the job done with Money One as our loan company. Their deep being familiar with of New York Metropolis led to a great execution for absolutely everyone involved.”
“This transaction signifies Money One’s determination to funding desirable, nicely-positioned multifamily belongings in marketplaces this sort of as Brooklyn. We had been delighted to perform along with a group of skilled, institutional sponsors with a solid company prepare for the assets,” mentioned Prithvi Mohan, Senior Vice President of Business Serious Estate at Money One particular.
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