Wednesday, October 21, 2015

HFF secures $51.175 million financing to develop Class A creative office space in Brooklyn, NY

Rendering of 1300 Flushing Avenue, Bushwick Neighborhood, Brooklyn, NY

Doug Bond
NEW YORK, NY  – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $51.175 in first mortgage financing for 1300 Flushing Avenue, a six-story warehouse and distribution building that will be converted into premiere, Class A creative office space in Brooklyn’s Bushwick neighborhood.

HFF worked on behalf of the borrower, a joint venture partnership between Lincoln Property Company and Alcion Ventures, to place the three-year, floating-rate loan with two one-year extension options with Mack Real Estate Credit Strategies.  Loan proceeds will be used to acquire and reposition the asset.

The light industrial building located at 1300 Flushing is situated at the intersection of Flushing and Cypress Avenues, the epicenter of Brooklyn’s Bushwick neighborhood. 

Bushwick is a burgeoning creative and energetic neighborhood with newly-constructed multi-housing, condo buildings, organic grocers and upscale restaurants in addition to a flourishing artist community. 

The surrounding neighborhoods include Williamsburg, Greenpoint, DUMBO and Ridgewood, some of the most desirable and live-work-play locations in Brooklyn and Queens.  The property is two blocks from the Jefferson Street L Subway Station, which provides direct access to Union Square and Manhattan within 15 minutes. 

Mark Wintner
Once redeveloped, the pre-war 1300 Flushing building will consist of 122,697 rentable square feet of Class A creative office space with high ceilings, natural light, exposed structural work and ducting, large operable windows, pet-friendly policies, functional roof space and other non-traditional design elements, including living rooms and kitchens.

The HFF debt placement team representing the borrower was led by senior managing director Doug Bond, managing director Mark Wintner and associate director Christopher Peck.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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