Holliday Fenoglio Fowler (HFF) secured $162 million in first mortgage financing for the Hall Street Complex, a 10-building, 665,000 s/f creative mixed-use complex across from the Brooklyn Navy Yard in Brooklyn, New York.
HFF worked on behalf of the borrower, a partnership between Westbrook Partners and RXR Realty, to arrange the floating-rate loan through Starwood Property Trust, Inc.
Loan proceeds were used to acquire the property and will fund the repositioning of the asset into a premier creative loft office property capitalizing on the growing demand for office in the burgeoning Navy Yard submarket.
The Hall Street Complex spans an entire city block, bordered by Flushing and Park Avenues and Ryerson and Hall Streets, in the Clinton Hill neighborhood of Brooklyn.
The property is directly across the street from the Brooklyn Navy Yard, two blocks from the Pratt Institute of Technology, and adjacent to the Brooklyn Queens Expressway, which provides access to Brooklyn’s Williamsburg neighborhood within five minutes and Manhattan’s Union Square within 35 minutes.
The property features an exposed brick and mortar industrial design, 14 ft. ceiling heights large and flexible 4,500 – 28,000 s/f floorplates and Manhattan skyline views to the north.
The complex offers the full floor or full building presences in a variety of sizes not typically available to small and mid-size tenants. Upon completion of the conversion, the property will offer door-to-door shuttle service to the area subways, an amenity few other properties in the area offer.
The HFF debt placement team representing the borrower was led by Michael Tepedino, Steven Klein and Christopher Peck.
“The Hall Street Complex offers a fantastic canvas for a best-in-class creative office environment. RXR and Westbrook are uniquely equipped to reimagine the asset to accommodate the growing demand of Brooklyn-based tenants looking to grow within the market, as well as Manhattan-based companies eager to plant their flag where many of their employees live, work and play,” Peck said.
“The wide range of floor plates, high ceilings and future amenities will both attract and retain tenants, a dynamic that is perfectly suited for the burgeoning Brooklyn office market,” Klein added.