JLL Capital Markets has arranged senior and mezzanine financing in the amount of $176.45 million for the recapitalization of One Boerum Place, a 138-unit multi-housing property with ground-floor retail in Downtown Brooklyn.
JLL worked on behalf of the developers, Avery Hall Investments, Aria Development and Allegra Holdings, to arrange the financing package with Vancouver based QuadReal Property Group and an affiliate of Eyal Ofer’s Global Holdings Management Group. Proceeds enabled the borrowers to convert what was originally planned as a for-sale condo project to a luxury rental project.
“Pivoting the project to a rental regime was an incredibly difficult and highly complex maneuver,” said Avi Fisher, Founding Partner at Avery Hall. “The capital stack that JLL arranged provides us with the flexibility to effectuate our business plan.”
One Boerum Place includes a total of 138 rental units, 40 of which offer private outdoor space. The property will contain approximately 21,669 s/f of retail space with frontages on Boerum Place and Fulton Street.
The JLL Capital Markets debt advisory team that represented the developer included Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Vice President Alex Staikos.
“This is an extraordinary property that will appeal to a growing pool of renters seeking the convenience and abundant neighborhood amenities of downtown Brooklyn, Brooklyn Heights and nearby Boerum Hill,” Peck said. “The project provides a completely unique rental option with large scale family units at a time of enormous growth and momentum in northern Brooklyn.”