JOINT VENTURE OF FETNER PROPERTIES, MCB REAL ESTATE AND FARALLON CAPITAL MANAGEMENT CLOSE ON $209 MILLION ACQUISITION OF 240 WILLOUGHBY STREET IN FORT GREENE, BROOKLYN
A joint venture between Fetner Properties, MCB Real Estate, and Farallon Capital Management has completed the $209.5 million acquisition of 240 Willoughby Street in Fort Greene, Brooklyn. The transaction includes a $141.5 million senior loan from M&T Realty Capital Corporation.
The newly constructed residential building features 463 units, including 147 affordable housing units. Since leasing began on Memorial Day weekend, 25% of the building has already been leased. The property boasts over 30,000 square feet of amenities, including a business lounge, fitness center, and extensive recreational facilities. JLL represented both the seller and the JV partnership in the transaction.
Una joint venture tra Fetner Properties, MCB Real Estate e Farallon Capital Management ha completato l'acquisizione da 209,5 milioni di dollari di 240 Willoughby Street a Fort Greene, Brooklyn. L'operazione include un prestito senior da 141,5 milioni di dollari da parte di M&T Realty Capital Corporation.
Il nuovo edificio residenziale dispone di 463 unità, di cui 147 dedicate all'edilizia abitativa a prezzi accessibili. Dall'inizio delle locazioni durante il weekend del Memorial Day, è stato già affittato il 25% dell'edificio. La proprietà vanta oltre 30.000 piedi quadrati di servizi, tra cui un business lounge, una palestra e ampie strutture ricreative. JLL ha rappresentato sia il venditore che la joint venture nell'operazione.
Una empresa conjunta entre Fetner Properties, MCB Real Estate y Farallon Capital Management ha completado la adquisición por 209,5 millones de dólares de 240 Willoughby Street en Fort Greene, Brooklyn. La transacción incluye un préstamo senior de 141,5 millones de dólares de M&T Realty Capital Corporation.
El edificio residencial recién construido cuenta con 463 unidades, incluyendo 147 unidades de vivienda asequible. Desde que comenzaron las rentas el fin de semana del Memorial Day, ya se ha alquilado el 25% del edificio. La propiedad ofrece más de 30,000 pies cuadrados de amenidades, incluyendo un salón de negocios, gimnasio y amplias instalaciones recreativas. JLL representó tanto al vendedor como a la sociedad conjunta en la transacción.
Fetner Properties, MCB Real Estate, 그리고 Farallon Capital Management의 합작 투자가 브루클린 포트 그린에 위치한 240 Willoughby Street를 2억 950만 달러에 인수를 완료했습니다. 이번 거래에는 M&T Realty Capital Corporation의 1억 4150만 달러 선순위 대출이 포함되어 있습니다.
신축 주거용 건물은 463세대를 포함하며, 이 중 147세대는 저렴한 주택으로 구성되어 있습니다. 메모리얼 데이 주말에 임대가 시작된 이후 건물의 25%가 이미 임대 완료되었습니다. 이 부동산은 비즈니스 라운지, 피트니스 센터, 다양한 레크리에이션 시설 등 3만 평방피트 이상의 편의 시설을 자랑합니다. JLL은 이번 거래에서 판매자와 합작 투자 파트너십 모두를 대리했습니다.
Une coentreprise entre Fetner Properties, MCB Real Estate et Farallon Capital Management a finalisé l'acquisition de 209,5 millions de dollars du 240 Willoughby Street à Fort Greene, Brooklyn. La transaction comprend un prêt senior de 141,5 millions de dollars accordé par M&T Realty Capital Corporation.
Le bâtiment résidentiel récemment construit compte 463 unités, dont 147 logements abordables. Depuis le début des locations durant le week-end de la fête commémorative, 25 % du bâtiment ont déjà été loués. La propriété offre plus de 30 000 pieds carrés d'équipements, incluant un salon d'affaires, une salle de sport et de vastes installations récréatives. JLL a représenté à la fois le vendeur et le partenariat de la coentreprise lors de la transaction.
Ein Joint Venture zwischen Fetner Properties, MCB Real Estate und Farallon Capital Management hat den 209,5 Millionen Dollar teuren Erwerb von 240 Willoughby Street in Fort Greene, Brooklyn, abgeschlossen. Die Transaktion umfasst einen 141,5 Millionen Dollar Senior-Darlehen von der M&T Realty Capital Corporation.
Das neu errichtete Wohngebäude verfügt über 463 Einheiten, darunter 147 bezahlbare Wohneinheiten. Seit Beginn der Vermietung am Memorial Day-Wochenende sind bereits 25 % des Gebäudes vermietet. Die Immobilie bietet über 30.000 Quadratfuß an Annehmlichkeiten, darunter eine Business-Lounge, ein Fitnesscenter und umfangreiche Freizeiteinrichtungen. JLL vertrat sowohl den Verkäufer als auch das JV-Partnerschaft in der Transaktion.
- None.
- Large acquisition cost of $209.5 million with significant debt financing of $141.5 million
- Property acquired before full lease-up, presenting occupancy risk
- Ground lease structure instead of fee simple ownership
Insights
Major $209.5M Brooklyn acquisition strengthens Fetner's NYC portfolio amid strong initial leasing demand showing market confidence.
This
The rapid absorption rate is particularly noteworthy, with
The 463-unit building includes 147 affordable units (
The property's amenity package (30,000 square feet) significantly exceeds the borough's average of 15,000-20,000 square feet for comparable developments. Combined with the adjacent Fort Greene Park and protected views, these features create meaningful differentiation in a competitive rental market where unique selling propositions drive premium pricing.
The partnership structure leverages complementary strengths: Fetner's local operating expertise, MCB's urban investment track record, and Farallon's institutional capital resources. This balanced approach mitigates operational risks while providing sufficient capital depth for potential market fluctuations during the stabilization period.
One-of-a Kind Building Overlooking Fort Greene Park
Offers Breathtaking Views, 30k Square Feet of Amenities in Fort Greene
The purchase price was
JLL played an integral role in the transaction by representing the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.
In anticipation of the closing, the Fetner team opened leasing on Memorial Day weekend. Since then,
MCB Real Estate leveraged its strong track record of major urban investments to quickly underwrite and execute the acquisition. "We jumped at the opportunity to acquire this one-of-a-kind, premier asset. It is a true standout among competitive projects, located in one of
With Fort Greene Park directly adjacent to the building, residents will enjoy a park for a front yard, an unbeatable amenity in
Apartments range from studios to two-bedrooms and feature in-unit washer/dryers, premium finishes, custom integrated Bluetooth sound systems, and floor-to-ceiling windows offering unobstructed sensational city views and an expansive living experience. In addition to the many large private outdoor terraces throughout the building, the top four floors feature incredible penthouse units. The striking glass facade is accented by a signature gold-hued framework, running in a grid pattern along the edge of the balconies.
Residents can enjoy over 30k square feet of amenities, including a business lounge, yoga studio, fitness center, bike room, screening and karaoke room, pet spa and dog run, video game and sports simulator rooms, as well as numerous family-friendly spaces, such as a large game room outfitted with shuffleboard, a golf simulator, a ping pong table, and a billiards table, as well as an interactive children's playroom adorned with playful murals. A huge, landscaped roof deck and terrace offer ample space for enjoying fresh air and wide-reaching views. Onsite parking is available, as is a private party room with an attached catering kitchen.
For more information, please visit https://240willoughby.com/.
About Fetner Properties
Fetner Properties is a dynamic player in an ever-changing multifamily market; a full-service, fully integrated real estate company specializing in developing, owning, and managing residential properties, with five new projects in the pipeline consisting of 1500 residences in
About MCB Real Estate
Founded in 2007, MCB Real Estate is a community-centric, privately held national commercial real estate investment management and development firm headquartered in
About Farallon®
Farallon Capital Management, L.L.C. is a global institutional investment management firm founded in 1986. Farallon manages approximately
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 ® company with annual revenue of
CONTACT: | Barbara Wagner Barbara Wagner Communications (917) 751-4387 | Jarnell Swecker MCB Real Estate (443) 604-0358 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/joint-venture-of-fetner-properties-mcb-real-estate-and-farallon-capital-management-close-on-209-million-acquisition-of-240-willoughby-street-in-fort-greene-brooklyn-302502683.html
SOURCE Fetner Properties, Inc.