Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
New call-to-action
New call-to-action
New York & Tri-State  + Outer  + Finance  | 

Alpaca, Hope Street Recapitalize Brooklyn Multifamily for $300M

Alternative investment management firm Alpaca Real Estate (ARE) recapitalized The Axel, a 97% leased 29-story, 284-unit Class A trophy residential property in Brooklyn for approximately $300 million. Situated adjacent to Barclays Center, the property was developed by Hope Street Capital.

“We are thrilled to partner with Alpaca Real Estate on a fantastic asset that we have been involved with for over a decade,” said Jeffrey Gershon, Hope Street Capital. “The Axel sits in a stellar location that benefits from vibrant neighborhood restaurants and shops while also being a stone’s throw from Manhattan, positioning it well to benefit from the long-term trends driving growth across the Brooklyn multifamily market.”

Added ARE managing partner Daniel Carr, “Alpaca’s thematic approach focuses on properties with strong tailwinds, such as this structured investment in a core, high-quality multifamily tower in a gateway market. Jeff has developed a fantastic property and we are proud to partner with him on it.”

Connect

Inside The Story

Alpaca Real EstateHope Street Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
New call-to-action
New call-to-action
New call-to-action
New call-to-action
New call-to-action