Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, has assumed a ground lease on and acquired240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in Fort Greene, Brooklyn.
The purchase price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation. The project was purchased at construction completion, prior to lease-up.
A JLL team arranged the sale, including Jeffrey Julien, Rob Hinckley and Steven Rutman. Financing was negotiated by JLL’s Christopher Peck, Peter Rotchford, Nicco Lupo and Christopher Pratt.
“240 Willoughby is an extraordinary trophy asset directly abutting Fort Greene Park – a benefit that is extremely rare in New York City,” said Julien. “The property offers sophisticated residential units with high-end finishes, spectacular views and ample outdoor spaces and balconies.”
Ahead of the closing, the Fetner team opened leasing on Memorial Day weekend. Twenty-five percent of the building is already leased.
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