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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

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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.

Positive
  • None.
Negative
  • 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 $209.5 million acquisition of 240 Willoughby Street represents a significant investment in Brooklyn's Fort Greene neighborhood, with the joint venture partners demonstrating confidence in New York City's rental market recovery. The transaction structure—a ground lease assumption combined with $141.5 million in senior financing—is strategically timed at construction completion but before lease-up, potentially maximizing value capture for the investors.

The rapid absorption rate is particularly noteworthy, with 25% of units leased within approximately six weeks of marketing commencement. This exceeds typical lease-up velocities for new luxury developments in Brooklyn, which often target 15-20% absorption per quarter. This accelerated pace suggests strong market demand and appropriate pricing strategy.

The 463-unit building includes 147 affordable units (31.7%), which provides regulatory advantages while addressing NYC's persistent affordable housing shortage. For Fetner Properties, this acquisition continues their recent portfolio expansion of 1,500 units across Brooklyn, Manhattan, and Queens, indicating a substantial bet on NYC's residential sector.

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

BROOKLYN, N.Y., July 10, 2025 /PRNewswire/ -- Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, today announced the  assumption of a ground lease and the acquisition of 240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn.

The purchase price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation (MTRCC). The Project was purchased at construction completion, and prior to lease up.

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, 25% of the building is already leased. "This rapid lease-up shows how much the neighborhood has embraced 240 Willoughby," said Hal Fetner, President and CEO of Fetner Properties. "We're very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market rate housing to the city." Over the past two years, Fetner has bought or developed over 1500 homes across Brooklyn, Manhattan and Queens

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 Brooklyn's high-growth submarkets and uniquely positioned to meet the evolving needs of today's renters," said P. David Bramble, Managing Partner at MCB Real Estate. "Partnering with Farallon and Fetner brings together a powerhouse team with the insight, experience, and executional strength to unlock long-term value in one of the most competitive real estate markets in the country."

With Fort Greene Park directly adjacent to the building, residents will enjoy a park for a front yard, an unbeatable amenity in New York. 240 Willoughby features many large private terraces, allowing residents to fully take advantage of the protected open views and fresh air. This is a rare opportunity to enjoy modern, high-quality living in one of the borough's most sought-after neighborhoods.

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 Brooklyn, Long Island City and Manhattan, Fetner is always on the forefront of the residential real estate industry. At Fetner Properties, residents are neighbors, not tenants, and every decision is made with them in mind. Fetner has been creating communities in New York City since 1955, through three generations of family ownership.

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 Baltimore, Maryland. MCB boasts a nationwide portfolio of $3 billion in assets under management totaling approximately 17 million square feet with approximately 6 million square feet in its development pipeline. Property types include industrial, retail, mixed-use, multi-family, office, and healthcare. The firm offers a seamlessly integrated suite of commercial real estate investment services, including acquisitions, development, construction, asset management, property management, leasing, marketing, financing and legal expertise, thus ensuring comprehensive support throughout every stage of an asset's lifecycle. www.mcbrealestate.com.

About Farallon®

Farallon Capital Management, L.L.C. is a global institutional investment management firm founded in 1986. Farallon manages approximately $39 billion in capital and commitments for institutions, including college endowments, charitable foundations, pension plans and sovereign wealth funds, and high net worth individuals and family offices. Farallon is headquartered in San Francisco and has offices in New York, London, Singapore, Hong Kong, Tokyo and São Paulo. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information about Farallon is available at www.faralloncapital.com. 

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 $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

CONTACT:                          

Barbara Wagner

Barbara Wagner Communications

(917) 751-4387

barbara@bwagnerpr.com

Jarnell Swecker

MCB Real Estate

(443) 604-0358

jswecker@mcbrealestate.com

Cision 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.

FAQ

What is the purchase price of 240 Willoughby Street in Fort Greene, Brooklyn?

The joint venture acquired 240 Willoughby Street for $209.5 million, with a $141.5 million senior loan from M&T Realty Capital Corporation.

How many units does 240 Willoughby Street offer and what is the affordable housing component?

The building offers 463 total units, with 147 units designated for affordable housing, representing approximately 32% of the total units.

What is the current occupancy rate at 240 Willoughby Street?

Since leasing began on Memorial Day weekend 2025, 25% of the building has been leased, showing strong initial market demand.

What amenities are available at 240 Willoughby Street?

The building features over 30,000 square feet of amenities including a business lounge, yoga studio, fitness center, pet spa, game rooms, sports simulator, children's playroom, and a landscaped roof deck with views.

Who are the partners involved in the 240 Willoughby Street acquisition?

The acquisition is a joint venture between Fetner Properties, MCB Real Estate, and Farallon Capital Management, with JLL representing both the seller and the JV partnership.
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