JLL Capital Markets has secured $17.4 million to finance the acquisition and renovation of 79 Clifton Place, a 40-unit, 52,375 s/f multi-housing building in Clinton Hill, Brooklyn.
JLL worked on behalf of The FREO Group to secure the loan, which was provided by Voya Investment Management LLC.
The six-story building, previously utilized as a knitting factory, was converted to a multi-housing building in 2000.
The 52,375 s/f property offers 14-foot 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.
Clinton Hill is positioned in close proximity to premier destinations such as the Brooklyn Navy Yard, Prospect Park, Barclays Center, and both LaGuardia and JFK airports.
The area offers a variety of dining options, bars, shopping and green space, making it an attractive community for young families, professionals and students.
The property is located one block from the Classon Avenue subway and offers access to a variety of bus lines connecting throughout Brooklyn.
The JLL Capital Markets professionals handling the financing include Senior Managing Director Max Herzog, Director Marko Kazanjian and Analyst Matt Fagella.
“Both FREO and Voya were a pleasure to work with,” said Kazanjian. “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.”