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JLL Arranges $27M Refi of BK Resi Portfolio
JLL Capital Markets has arranged $27.7 million in financing to recapitalize a mixed-use residential and retail property portfolio in Brooklyn. The borrower, a joint venture between The Mann Group, LLC, and True North Management, secured two loans from Citigroup.
The first portfolio includes properties in Greenpoint, fully occupied with 33 upgraded residential units and six retail units. The second portfolio comprises two mixed-use buildings in Williamsburg and Greenpoint, fully occupied with renovated residential units and ground-floor retail.
The JLL team representing the borrower included Scott Aiese and Alex Staikos. “The sponsors are exceptionally experienced investors, who acquired these properties as part of a value-add strategy that continues to pay dividends in the city’s supply constrained multi-housing market,” said Aiese. “Lenders were eager to partner with a best-in-class New York City operator and a national asset manager on a newly renovated, mixed-use portfolio situated in highly sought-after neighborhoods.”
- ◦Financing
