CBRE Capital Markets has arranged a $12 million acquisition loan for a mixed-use property on Fulton Street in Brooklyn’s Fort Greene neighborhood. The financing supports the purchase of 680 Fulton St., a property that combines street-level retail with residential apartments above. CBRE’s Debt & Structured Finance team of Shamir Seidman, Judah Hammer and Jeff Feldman secured the loan on behalf of Z+G Property Group, with Santander providing the debt.
The five-year loan represents approximately 70% loan-to-value and includes an initial period of interest-only payments. According to CBRE, the structure reflects strong lender engagement with the asset, which combines retail stability with residential demand in a well-established neighborhood. Seidman noted that the team was able to generate substantial lender interest and deliver terms that aligned with the borrower’s objectives for the acquisition.
The property is known as The Portland and spans 680-686 Fulton St. The four-story neo-Renaissance building, dating back to around 1900, features a limestone facade and a historic architectural profile. The Portland’s mixed-use layout includes ground-floor retail space with residential units on the upper floors, offering a blend of income streams from both commercial and multifamily components.
The retail portion of the building is anchored by Greenlight Bookstore and Yours Truly stationery shop, two established neighborhood retailers that contribute to street-level activation and foot traffic along Fulton Street. Above the retail, the property offers residential apartments in a range of layouts, from studios to two-bedroom units, supporting a diverse tenant base within the building. While detailed unit counts and square footage are not disclosed, the mix of uses positions the asset as a neighborhood-serving property.
CBRE’s involvement focused on arranging and structuring the acquisition financing rather than on investment sales or leasing. Z+G Property Group is acquiring the asset with Santander as the lender, while CBRE serves as the intermediary arranging the debt. The combination of a historic facade, established retail tenancy and residential appeal was cited by CBRE as a driver of lender competition and as a key factor in achieving the loan’s leverage and interest-only features.
The transaction underscores lender interest in mixed-use assets in Fort Greene, one of Brooklyn’s more desirable residential neighborhoods, where walkable retail and historic housing stock are central to the local fabric. With a five-year term and an initial interest-only period, the financing gives the borrower flexibility in executing its business plan for The Portland while maintaining a relatively conservative leverage point at roughly 70% loan-to-value.
