JLL Arranges $176M Recap of Brooklyn Condos Turned Rentals
JLL Capital Markets has arranged senior and mezzanine financing of $176.45 million for the recapitalization of One Boerum Place, a 138-unit rental apartment property with ground-floor retail in Downtown Brooklyn.
JLL worked on behalf of the developers, Avery Hall Investments, Aria Development and Allegra Holdings, to arrange the financing package with Vancouver based QuadReal Property Group and an affiliate of Eyal Ofer’s Global Holdings Management Group. Proceeds enabled the borrowers to convert what was originally planned as a for-sale condo project to a luxury rental project.
“Pivoting the project to a rental regime was an incredibly difficult and highly complex maneuver,” said Avi Fisher, founding partner at Avery Hall. “The capital stack that JLL arranged provides us with the flexibility to effectuate our business plan.”
The JLL Capital Markets debt advisory team representing the developers included senior managing director Christopher Peck, managing director Peter Rotchford and VP Alex Staikos.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).