Saturday, December 10, 2016

HFF closes sale and arranges acquisition financing for The Berkley in Brooklyn, NY

The Berkley Apartments, Williamsburg Neighborhood, Brooklyn NY

Jeffrey Julien
 NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $68.875 million sale of The Berkley, a newly constructed, 95-unit, luxury apartment building in Williamsburg, Brooklyn, and also secured $42.5 million in financing for the buyer.

HFF exclusively represented the seller, a joint venture between Westbrook Partners and Largo.  A joint venture between Trinity Place Holdings, Inc. (NYSE: TPHS) and Pacolet Milliken Enterprises, Inc. acquired the property. 

Additionally, HFF procured a 10-year, floating-rate acquisition loan on behalf of the new owners through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The Berkley is located in the heart of Williamsburg at 223 North 8th Street one block from the L Train’s Bedford Avenue Station and within walking distance to the J, M, Z and G trains, providing seamless access throughout New York City. 

Completed in 2016, The Berkley consists of 95 apartments with a mix of studio, one-, one and a half- and two-bedroom floor plans.

The units feature condominium-quality finishes, including nine- to ten-foot ceilings; Daikin central HVAC systems; large triple-paned, tilt-and-turn Internorm European windows; Miton kitchens with Bertazzoni and Bosch appliances; Bosch washers and dryers; wide plank hardwood flooring; Miton and Toto bathrooms; walk-in closets; and balconies or terraces in most units.

Rob Hinckley
 The property’s amenity package includes a rooftop sundeck lounge with barbecue stations and an outdoor kitchen; two-story fitness center and yoga lawn; 3,600-square-foot central landscaped courtyard with fire pit; storage for tenant use; bike storage; parking garage and views of the Manhattan skyline.  The property also benefits from a 25-year, 421a real estate tax abatement.

The HFF investment sales team representing the seller was led by managing director Jeff Julien along with managing directors Rob Hinckley and Rob Rizzi, senior managing director Andrew Scandalios and associate director Steven Rutman.

HFF’s debt placement team was led by managing director Steven Klein and director Geoff Goldstein.

Largo Construction managed construction of the building and New York-based leasing company Bold New York handled leasing on behalf of the seller, achieving 80 percent occupancy within the first four months following completion.

  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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