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LIVWRK Lines Up $61M in Debt and Equity for Crown Heights Offices
JLL Capital Markets arranged $61 million in debt and equity on behalf of LIVWRK for the acquisition and repositioning of 1000 Dean St., a 150,769-square-foot creative office and lifestyle-oriented building in Brooklyn’s Crown Heights neighborhood. The property was built in the 1920s as an automotive service station, and now houses a diverse mix of tenants.
A JLL team of Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jackson Sastri, Patrick Cotter and Brandon Krupetsky arranged the $45-million acquisition loan with Invesco, and secured $16 million in joint venture equity funds with Meadow Partners LLC.
“The owner has completed capital improvements that include construction of new office suites, new furniture, fixtures, and equipment for the lobby, and a tenant roof deck,” said Appel. “The property offers boutique office suites ideal for attracting cost-conscious office users looking for smaller spaces, a market that has proven to be incredibly deep in Brooklyn.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
