The FREO Group has secured a $17.4 million loan to finance its acquisition and renovation of 79 Clifton Place in Brooklyn’s Clinton Hill neighborhood.
The six-story on-time knitting factory was converted to housing in 2000. FREO Group plans to upgrade the 52,375 s/f 40-unit property as it continues to expand its outer borough portfolio.
The property offers 14 ft. ceiling heights and has a loft-like feel. The unit mix consists of one-, two-, three- and four-bedroom apartments, with an average unit size of 1,309 s/f. In total, there are 24 fair-market units and 16 rent-stabilized units.
Eight of the apartments offer exclusive access to the building’s roof deck, and seven of these premium apartments are duplex units.
FREO plans to implement a $1.75 million capital improvement plan to boost occupancy and help units achieve a 15 percent premium over current rents.
JLL worked on behalf of FREO Group to secure the loan, which was provided by Voya Investment Management LLC.
The JLL team included senior managing director Max Herzog, director Marko Kazanjian and analyst Matt Fagella.
“The building has great character and will be a beautiful place to live following the additional renovations. This will be a tremendous investment for FREO as they continue to grow their portfolio in the boroughs,” said Kazanjian.
Clinton Hill is close to Brooklyn Navy Yard, Prospect Park, Barclays Center, and both LaGuardia and JFK airports.
The property is located just one block from the Classon Avenue subway and offers access to a variety of bus lines connecting throughout Brooklyn.
