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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.
- ◦Financing

