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CBRE Arranges Acquisition Loan for Fort Greene Mixed-Use
CBRE Capital Markets arranged a $12-million acquisition loan for the purchase of 680 Fulton St., a mixed-use property in Brooklyn’s Fort Greene neighborhood. The Debt & Structured Finance team of Shamir Seidman, Judah Hammer and Jeff Feldman secured the financing on behalf of Z+G Property Group through Santander. The five-year loan represents approximately 70% loan-to-value and features an initial period of interest-only payments.
“This financing supports the acquisition of an excellent mixed-use asset in one of Brooklyn’s most desirable residential neighborhoods,” said Seidman. “The property’s historic character, established retail tenancy and strong residential appeal generated significant lender interest, resulting in an attractive financing structure for the borrower.”
Known as The Portland, 680-686 Fulton St. is a four-story, neo-Renaissance mixed-use building featuring a limestone façade and dating back to approximately 1900. The property includes ground-floor retail space anchored by Greenlight Bookstore and Yours Truly stationery shop, with residential apartments above ranging from studio to two-bedroom units.
- ◦Financing
