As Brooklyn’s office market continues to experience strong demand, JLL’s Capital Markets experts today announced the firm has secured $44.3 million in acquisition and pre-development financing on behalf of Tavros Development Partners and Charney Construction & Development. Bank of the Ozarks provided the loan for the 41,815-square-foot, fully entitled land assemblage at 263-277 South Fifth Street.
The owners plan to develop a mixed-use asset on the site. Managing Director Aaron Appel and Senior Vice Presidents Jonathan Schwartz and Mark Fisher led the JLL team on the financing.
“Limited office and multifamily supply in Manhattan continues to drive investors and developers to Brooklyn where experienced sponsors are finding opportunities to take advantage of high yields and a lower barrier to-entry,” said Appel. “This financing allows our client to wisely invest in this trend at an opportune time.”
The mixed-use development will be comprised of ground-level retail space, office and multifamily space. It is located in the Williamsburg submarket, which has seen a 116 percent increase in building permits since 2013. The development is just one block away from the Marcy Avenue subway station and three blocks from retail centers on Bedford Avenue.