JLL Capital Markets arranged $61 million in debt and equity on behalf of LIVWRK for the acquisition and repositioning of 1000 Dean Street, a 150,769 s/f creative office and lifestyle-oriented building in Crown Heights, Brooklyn.
The firm secured a $45 million acquisition loan with Invesco Ltd. and raised $16 million in joint venture equity with Meadow Partners LLC.
JLL’s Aaron Appel, Jonathan Schwartz, and Keith Kurland, Vice Chairmen; Adam Schwartz, Managing Director; Jackson Sastri, Executive Vice President; Patrick Cotter, Associate; and Brandon Krupetsky, Analyst, handled the debt and equity transactions for LIVWRK.
They arranged the acquisition loan with Invesco, a leading independent investment firm, and secured joint venture equity funds with Meadow Partners, an international real estate investor and asset manager.
“We are pleased to have facilitated this significant loan for LIVWRK’s extraordinary property in Brooklyn,” said Appel.
“The owner has completed capital improvements that include construction of new office suites; new furniture, fixtures, and equipment for the lobby; and a tenant roof deck. The property offers boutique office suites ideal for attracting cost-conscious office users looking for smaller spaces, a market that has proven to be incredibly deep in Brooklyn. ”
Built in 1920 and renovated in 2014, the four-story building, offering offices ranging in size from 500 to 5,000s/f is located near Crown Heights’ major subway hub on Franklin Avenue.