NEW YORK CITY—JLL Capital markets recently revealed that it arranged $27.7 million in financing to recapitalize a mixed-used residential and retail property portfolio located in prime neighborhoods across Brooklyn. JLL represented the borrower, a joint venture between The Mann Group, LLC, a New York-based residential investment, development and management firm led by Eric Mann, and True North Management, a private real estate investment firm, to secure two separate loans for $20.2 million and $7.5 million from Citigroup.
The first portfolio includes properties at 591, 592, 593, 595, 574 and 602 Manhattan Ave. and 872 Lorimer St. in Greenpoint. Currently 100 percent occupied, it includes 33 residential rental units all upgraded with modern finishes, stainless steel appliances and in-unit washer dryers, and six fully occupied retail units.
The second portfolio consists of two mixed-use free market buildings. 126 Bedford Ave. is a four-story
Williamsburg property with five fully renovated residential apartments and a newly leased ground-floor retail unit. 152 Norman Ave. in Greenpoint consists of six residential units and ground-floor retail. Both properties are fully occupied.
The JLL team that represented the borrower included Senior Managing Director Scott Aiese and Director
Alex Staikos. “The sponsors are exceptionally experienced investors, who acquired these properties as part of a value-add strategy that continues to pay dividends in the city’s supply constrained multi-housing market,” said Aiese, in a prepared statement. “Lenders were eager to partner with a best-in-class New York City operator and a national asset manager on a newly renovated, mixed-use portfolio situated in highly sought-after neighborhoods.”
Greenpoint and Williamsburg are prime Brooklyn neighborhoods offering extensive transportation options, well-established retail with independent boutiques, popular restaurants and national tenants, including WholeFoods, Apple, Nike, Equinox and Sephora, according to a prepared statement. North Brooklyn has seen more than two million square feet of office development in the past two years, attracting a talented workforce seeking a vibrant lifestyle with access to open space and the type of cultural and social attractions that abound in Brooklyn.