JOINT VENTURE OF FETNER PROPERTIES, MCB REAL ESTATE AND FARALLON CAPITAL MANAGEMENT CLOSE ON $209 MILLION ACQUISITION OF 240 WILLOUGHBY STREET IN FORT GREENE, BROOKLYN
A joint venture between Fetner Properties, MCB AG真人官方 Estate, and Farallon Capital Management has completed the $209.5 million acquisition of 240 Willoughby Street in Fort Greene, Brooklyn. The transaction includes a $141.5 million senior loan from M&T AG真人官方ty Capital Corporation.
The newly constructed residential building features 463 units, including 147 affordable housing units. Since leasing began on Memorial Day weekend, 25% of the building has already been leased. The property boasts over 30,000 square feet of amenities, including a business lounge, fitness center, and extensive recreational facilities. JLL represented both the seller and the JV partnership in the transaction.
Una joint venture tra Fetner Properties, MCB AG真人官方 Estate e Farallon Capital Management ha completato l'acquisizione da 209,5 milioni di dollari di 240 Willoughby Street a Fort Greene, Brooklyn. L'operazione include un prestito senior da 141,5 milioni di dollari da parte di M&T AG真人官方ty Capital Corporation.
Il nuovo edificio residenziale dispone di 463 unit脿, di cui 147 dedicate all'edilizia abitativa a prezzi accessibili. Dall'inizio delle locazioni durante il weekend del Memorial Day, 猫 stato gi脿 affittato il 25% dell'edificio. La propriet脿 vanta oltre 30.000 piedi quadrati di servizi, tra cui un business lounge, una palestra e ampie strutture ricreative. JLL ha rappresentato sia il venditore che la joint venture nell'operazione.
Una empresa conjunta entre Fetner Properties, MCB AG真人官方 Estate y Farallon Capital Management ha completado la adquisici贸n por 209,5 millones de d贸lares de 240 Willoughby Street en Fort Greene, Brooklyn. La transacci贸n incluye un pr茅stamo senior de 141,5 millones de d贸lares de M&T AG真人官方ty Capital Corporation.
El edificio residencial reci茅n construido cuenta con 463 unidades, incluyendo 147 unidades de vivienda asequible. Desde que comenzaron las rentas el fin de semana del Memorial Day, ya se ha alquilado el 25% del edificio. La propiedad ofrece m谩s de 30,000 pies cuadrados de amenidades, incluyendo un sal贸n de negocios, gimnasio y amplias instalaciones recreativas. JLL represent贸 tanto al vendedor como a la sociedad conjunta en la transacci贸n.
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Une coentreprise entre Fetner Properties, MCB AG真人官方 Estate et Farallon Capital Management a finalis茅 l'acquisition de 209,5 millions de dollars du 240 Willoughby Street 脿 Fort Greene, Brooklyn. La transaction comprend un pr锚t senior de 141,5 millions de dollars accord茅 par M&T AG真人官方ty Capital Corporation.
Le b芒timent r茅sidentiel r茅cemment construit compte 463 unit茅s, dont 147 logements abordables. Depuis le d茅but des locations durant le week-end de la f锚te comm茅morative, 25 % du b芒timent ont d茅j脿 茅t茅 lou茅s. La propri茅t茅 offre plus de 30 000 pieds carr茅s d'茅quipements, incluant un salon d'affaires, une salle de sport et de vastes installations r茅cr茅atives. JLL a repr茅sent茅 脿 la fois le vendeur et le partenariat de la coentreprise lors de la transaction.
Ein Joint Venture zwischen Fetner Properties, MCB AG真人官方 Estate und Farallon Capital Management hat den 209,5 Millionen Dollar teuren Erwerb von 240 Willoughby Street in Fort Greene, Brooklyn, abgeschlossen. Die Transaktion umfasst einen 141,5 Millionen Dollar Senior-Darlehen von der M&T AG真人官方ty Capital Corporation.
Das neu errichtete Wohngeb盲ude verf眉gt 眉ber 463 Einheiten, darunter 147 bezahlbare Wohneinheiten. Seit Beginn der Vermietung am Memorial Day-Wochenende sind bereits 25 % des Geb盲udes vermietet. Die Immobilie bietet 眉ber 30.000 Quadratfu脽 an Annehmlichkeiten, darunter eine Business-Lounge, ein Fitnesscenter und umfangreiche Freizeiteinrichtungen. JLL vertrat sowohl den Verk盲ufer als auch das JV-Partnerschaft in der Transaktion.
- None.
- Large acquisition cost of $209.5 million with significant debt financing of $141.5 million
- Property acquired before full lease-up, presenting occupancy risk
- Ground lease structure instead of fee simple ownership
Insights
Major $209.5M Brooklyn acquisition strengthens Fetner's NYC portfolio amid strong initial leasing demand showing market confidence.
This
The rapid absorption rate is particularly noteworthy, with
The 463-unit building includes 147 affordable units (
The property's amenity package (30,000 square feet) significantly exceeds the borough's average of 15,000-20,000 square feet for comparable developments. Combined with the adjacent Fort Greene Park and protected views, these features create meaningful differentiation in a competitive rental market where unique selling propositions drive premium pricing.
The partnership structure leverages complementary strengths: Fetner's local operating expertise, MCB's urban investment track record, and Farallon's institutional capital resources. This balanced approach mitigates operational risks while providing sufficient capital depth for potential market fluctuations during the stabilization period.
One-of-a Kind Building Overlooking Fort Greene Park
Offers Breathtaking Views, 30k Square Feet of Amenities in Fort Greene
The purchase price was
JLL played an integral role in the transaction by representing the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.
In anticipation of the closing, the Fetner team opened leasing on Memorial Day weekend. Since then,
MCB AG真人官方 Estate leveraged its strong track record of major urban investments to quickly underwrite and execute the acquisition. "We jumped at the opportunity to acquire this one-of-a-kind, premier asset. It is a true standout among competitive projects, located in one of
With Fort Greene Park directly adjacent to the building, residents will enjoy a park for a front yard, an unbeatable amenity in
Apartments range from studios to two-bedrooms and feature in-unit washer/dryers, premium finishes, custom integrated Bluetooth sound systems, and floor-to-ceiling windows offering unobstructed sensational city views and an expansive living experience. In addition to the many large private outdoor terraces throughout the building, the top four floors feature incredible penthouse units. The striking glass facade is accented by a signature gold-hued framework, running in a grid pattern along the edge of the balconies.
Residents can enjoy over 30k square feet of amenities, including a business lounge, yoga studio, fitness center, bike room, screening and karaoke room, pet spa and dog run, video game and sports simulator rooms, as well as numerous family-friendly spaces, such as a large game room outfitted with shuffleboard, a golf simulator, a ping pong table, and a billiards table, as well as an interactive children's playroom adorned with playful murals. A huge, landscaped roof deck and terrace offer ample space for enjoying fresh air and wide-reaching views. Onsite parking is available, as is a private party room with an attached catering kitchen.
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About Fetner Properties
Fetner Properties is a dynamic player in an ever-changing multifamily market; a full-service, fully integrated real estate company specializing in developing, owning, and managing residential properties, with five new projects in the pipeline consisting of 1500 residences in
About MCB AG真人官方 Estate听
Founded in 2007, MCB AG真人官方 Estate is a community-centric, privately held national commercial real estate investment management and development firm headquartered in
About Farallon庐
Farallon Capital Management, L.L.C. is a global institutional investment management firm founded in 1986. Farallon manages approximately
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 庐 company with annual revenue of
CONTACT:听 听 听 听 听 听 听 听 听 听 听 听 听听 | Barbara Wagner Barbara Wagner Communications (917) 751-4387 | Jarnell Swecker MCB AG真人官方 Estate (443) 604-0358 |
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SOURCE Fetner Properties, Inc.
FAQ
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