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New York & Tri-State  + Outer  + Distressed Assets  | 
The Kent House apartments 187 Kent Ave. Willismburg Brooklyn

JLL Closes Sale of Non-Performing Loan on Williamsburg Apartments

JLL Capital Markets arranged the sale of an $88-million non-performing loan secured by The Kent House, a new mixed-use building with 96 rental units and 31,000 square feet of multi-level retail in Brooklyn’s Williamsburg neighborhood. 

The firm represented Prophet Capital in the disposition of the $78-million first mortgage and a $10- million mezzanine loan, acquired by Invictus Real Estate Partners. A JLL Capital Markets team of Brett Rosenberg, Scott Aiese, Steven Rutman and Bill Butler arranged the loan sale. 

Located at 187 Kent Ave., the Kent House is a seven-story, 87,809-square-foot property with studio, one-, two- and three-bedroom apartments. All feature large windows, hardwood floors, stainless steel appliances, quartz countertops and individually controlled heating and cooling.  

“This was a unique opportunity to acquire a non-performing whole loan directly from the original lender secured by a newly constructed mixed-use asset in a highly desirable market,” said Eric Scheffler of Invictus. 

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Inside The Story

JLL’s Rosenberg

About Paul Bubny

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).

  • ◦Sale/Acquisition