TF Cornerstone has acquired a 95-unit rental property in the Williamsburg neighborhood of Brooklyn for $71 million. The seller was a partnership between Trinity Place Holdings and Pacolet Milliken. JLL marketed the property on behalf of the seller and secured $35.5 million in acquisition financing from Nationwide on behalf of TF Cornerstone.
Called The Berkley, the two, seven-story buildings are located at 223 North 8th St. It was built in 2016 and the apartments range from studio to three-bedroom units, 76 of which are market rate and 19 of which are affordable under a 25-year 421a tax abatement that expires in 2042.
The JLL Capital Markets Investment Sales team representing the seller was led by Jeffrey Julien, Rob Hinckley, Steven Rutman, John Taylor and Joy Ryoo. Working on behalf of the borrower, Steven Klein, Geoff Goldstein, Ricky Song and Joy Ryoo led the JLL Capital Markets Debt Advisory team.
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"The Berkley presented a rare opportunity to acquire an institutional, boutique residential property with rent upside potential in a highly desirable and proven submarket," said Julien.
The property maintained over 95% occupancy throughout the pandemic, and the deal received a tremendous amount of interest from the lending community, according to Klein.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
