Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, has acquired 240 Willoughby Street, a newly constructed residential rental building in Fort Greene, Brooklyn. The property includes 463 units, with 147 designated as affordable housing.
The acquisition, structured through a ground lease, was completed for a total purchase price of $209.5 million. A senior loan of $141.5 million was provided by M&T Realty Capital Corporation. The transaction was finalized at the construction completion stage, prior to the start of leasing.
The sale was arranged by a JLL team consisting of Jeffrey Julien, Rob Hinckley, and Steven Rutman. Financing for the deal was secured 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.”
Fetner Properties began leasing efforts over Memorial Day weekend and reports that 25% of the units are already leased.
