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News release

New York, NY

Lenders See Appeal in Brooklyn Value-Add Assets

JLL secures $50.2 million in acquisition, rehabilitation financing for 57 Willoughby Street


Brooklyn’s appeal among commercial real estate lenders continues to grow as high costs in Manhattan push more tenants and investors into New York’s most populous borough. JLL’s Capital Markets experts today announced the firm secured $50.2 million, on behalf of client Meadow Partners, for the acquisition and rehabilitation of 57 Willoughby Street, a six-story office asset in Brooklyn’s vibrant downtown market. Square Mile Capital provided the five-year loan.

Meadow Partners acquired the property from Helen Keller Services for the Blind and will execute an extensive capital improvement program. Managing Directors Aaron Appel and Jonathan Schwartz and Executive Vice President Michael Diaz led the JLL team on the deal.

“Lenders continue to make capital available to projects that capitalize on the growing demand for high quality office space in Brooklyn,” said Schwartz.

Added Appel, “As replacement costs prove to be more prohibitive and construction financing tightens, value-add assets have become increasingly attractive for investors, prompting lenders to find value in these types of projects.”

The asset is located three blocks from the City Point development which will comprise 1.8 million square feet of Class A retail, residential and office space. It also provides tenants with access to the Jay Street MetroTech, which is served by the A, C, F, N & R lines. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.