**Partnership Acquires Gowanus Apartments for $69M**
JLL Capital Markets has successfully arranged the $68.5 million sale and $44.525 million in financing for 237 11th St., a 12-story Class A mixed-use multifamily and retail property in the Gowanus neighborhood of Brooklyn. The property was sold by Trinity Place Holdings to a partnership between Bluestone Investments and Shel Capital.
The JLL Capital Markets team managing the sale was led by Senior Managing Directors Jeffrey Julien and Rob Hinckley, along with Managing Director Steven Rutman. Representing the borrower for the financing were Managing Directors Michael Shmuely and Michael Zaremski, Senior Director Robert Tonnessen, and Director John Flynn.
“We are strong believers in the New York rental market,” said Ronny Kravel of Shel Capital, speaking on behalf of the partnership.
Developed in 2017, 237 11th St. features 105 rental apartment units, ranging from studios to two-bedrooms, with one three-bedroom unit. The property also includes a 6,264-square-foot commercial space, fully occupied by Starbucks, Massage Envy, and a dental office.
