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Partnership Acquires Gowanus Apartments for $69M
JLL Capital Markets arranged the $68.5-million sale and $44.525-million financing for 237 11th St., a 12-story Class A mixed-use multifamily and retail property in the Gowanus neighborhood of Brooklyn. The seller was Trinity Place Holdings and the buyer was a partnership between Bluestone Investments and Shel Capital.
The JLL Capital Markets team that arranged the sale was led by senior managing directors Jeffrey Julien and Rob Hinckley and managing director Steven Rutman. The Debt Advisory team representing the borrower included managing directors Michael Shmuely and Michael Zaremski, senior director Robert Tonnessen and director John Flynn.
“With a prime location at the crossroads of Park Slope and Gowanus, 237 11th St. offered investors a tremendous opportunity to secure a foothold in a very strong rental market at a discount to replacement cost,” said Julien.
Developed in 2017, 237 11th St. has 105 rental apartment units. Starbucks, Massage Envy and a dentist occupy the 6,264-square-foot commercial component.
- ◦Sale/Acquisition
- ◦Financing
