JLL Capital Markets has arranged senior and mezzanine financing in the amount of $176.45 million for the recapitalization of One Boerum Place, a 138-unit multi-housing property with ground-floor retail in Downtown Brooklyn.
JLL worked on behalf of the developers — Avery Hall Investments, Aria Development and Allegra Holdings — to arrange the financing package with Vancouver-based QuadReal Property Group and an affiliate of Eyal Ofer’s Global Holdings Management Group. Proceeds enabled the borrowers to convert what was originally planned as a for-sale condo project to a luxury rental project.
One Boerum Place includes a total of 138 rental units, 40 of which offer private outdoor space. The property will contain approximately 21,669 square feet of retail space with frontages on Boerum Place and Fulton Street. The units provide spacious family-centric layouts, superior light and air with 360-degree exposure, and sweeping views of the Manhattan and Brooklyn skylin
