**Fetner Partnership Acquires Newly Built Fort Greene Residential Project for $210M**
Fetner Properties, in collaboration with MCB Real Estate and Farallon Capital Management, has acquired 240 Willoughby Street, a newly constructed residential rental building in Fort Greene, Brooklyn. The project, comprising 463 units—147 of which are designated as affordable housing—was purchased at the completion of construction, prior to lease-up.
The transaction was structured through a ground lease acquisition and valued at a total of $209.5 million. M&T Realty Capital Corporation provided a senior loan of $141.5 million for the deal.
A team from JLL facilitated the sale, with Jeffrey Julien, Rob Hinckley, and Steven Rutman leading the transaction. The financing was arranged by JLL’s Christopher Peck, Peter Rotchford, Nicco Lupo, and Christopher Pratt.
“240 Willoughby is an extraordinary trophy asset directly abutting Fort Greene Park – a benefit that is extremely rare in New York City,” said Julien. “The property offers sophisticated residential units with high-end finishes, spectacular views, and ample outdoor spaces and balconies.”
Ahead of the official closing, Fetner Properties launched leasing operations over Memorial Day weekend. To date, approximately 25% of the units have already been leased.
