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Trinity Place Closes on New Park Slope Multifamily Build
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
Trinity Place Holdings has closed on its acquisition of 237 11th St. in Brooklyn’s Park Slope neighborhood, originally announced last September. The newly-built apartment property was acquired from an affiliate of Adam America Equities LLC for $81 million.
The acquisition was capitalized with interest-only two-year financings, totaling $67.8 million. The financings have a one-year extension option.
Leasing at 237 11th began last August, and the 105 apartments are now about 63% leased. The property also includes 6,264 square feet of retail, part of which is leased to Starbucks.
“We believe there is a tremendous opportunity within key segments of the New York market to aggregate a portfolio of Class A apartments, some with ancillary ground-floor retail or mixed-use characteristics, which will generate stable, growing cash flow and offer long-term appreciation,” said Trinity Place CEO Matt Messinger. “We look forward to the continued execution of this strategy in the years to come.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
