JLL secures $17.4M loan for 79 Clifton Place in Brooklyn
Firm represents FREO Group in financing the acquisition of a 40-unit multi-housing building in Brooklyn’s Clinton Hill neighborhood
NEW YORK, January 24, 2020 — JLL Capital Markets has successfully secured $17.4 million to finance the acquisition and renovation of 79 Clifton Place, a 40-unit, 52,375-square-foot multi-housing building located in the Clinton Hill neighborhood of Brooklyn, New York. JLL worked on behalf of The FREO Group to secure the loan, which was provided by Voya Investment Management LLC.
The six-story building, previously utilized as a knitting factory, was converted to a multi-housing building in 2000. The 52,375-square-foot property offers 14-foot ceiling heights and has a loft-like feel. The unit mix consists of one-, two-, three- and four-bedroom apartments, with an average unit size of 1,309 square feet. In total, there are 24 fair-market units and 16 rent-stabilized units.
Eight of the apartments offer exclusive access to the building’s roof deck, and seven of these premium apartments are duplex units. FREO plans to implement a $1.75 million capital improvement plan to boost occupancy and help units achieve a 15% premium over current rents.
Clinton Hill is positioned in close proximity to premier destinations such as the Brooklyn Navy Yard, Prospect Park, Barclays Center, and both LaGuardia and JFK airports. The area offers a variety of dining options, bars, shopping and green space, making it an attractive community for young families, professionals and students. The property is located just one block from the Classon Avenue subway and offers access to a variety of bus lines connecting throughout Brooklyn.
The JLL Capital Markets professionals handling the financing include Senior Managing Director Max Herzog, Director Marko Kazanjian and Analyst Matt Fagella.
“Both FREO and Voya were a pleasure to work with,” said Kazanjian. “The building has great character and will be a beautiful place to live following the additional renovations. This will be a tremendous investment for FREO as they continue to grow their portfolio in the boroughs.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and 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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About FREO Group
Established in 1996, FREO Group is an independent international investor, developer and asset manager of high quality commercial real estate. The firm has 13 offices in Germany, the United Kingdom, France, Spain, Switzerland, Luxembourg and the U.S., and is responsible for more than 50 projects totaling over 21 million square feet.