Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, has 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 Fort Greene, Brooklyn, N.Y.
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 prior to lease up.
In anticipation of the closing, the Fetner team opened leasing Memorial Day weekend and 25 percent of the building is 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.”
Apa
