News release

TF Cornerstone acquires Williamsburg multi-housing property for $71M and secures $35.5M financing

JLL Capital Markets arranges sale & acquisition financing for recently developed, 95-unit residential property

May 03, 2022

Jessica Wozniak

Agency Leasing and Markets PR
+1 312-288-3950

NEW YORK, May 3, 2022 - JLL Capital Markets announced today that it has arranged the $70.77 million sale and $35.50 million acquisition financing for The Berkley, a 95-unit residential rental property at 223 North 8th St. in the Williamsburg neighborhood of Brooklyn, New York to NYC-based real estate developer TF Cornerstone.

JLL marketed the property on behalf of the seller, a partnership between Trinity Place Holdings Inc. (NYSE: TPHS) and Pacolet Milliken. JLL also worked on behalf of the buyer, TF Cornerstone, to secure $35.50 million in acquisition financing from Nationwide, a global insurance and financial services company.

Built in 2016, The Berkley consists of two, seven-story buildings connected by a courtyard. The apartments range from studio to three-bedroom units, 76 of which are market rate and 19 of which are affordable under a 25-year 421a tax abatement that expires in 2042.

Outfitted with condo-quality finishes, the property boasts a full amenity package that includes a rooftop sundeck lounge, two-story fitness center and yoga lawn, 3,600-square-foot courtyard, tenant storage, bike storage, parking garage and unobstructed views of the Manhattan skyline.

Located at the epicenter of Williamsburg, one of NYC’s most resilient submarkets, The Berkley offers convenient access to public transit and a lively neighborhood of greenspace and waterfront esplanades alongside popular and cutting-edge dining, centralized shopping along the Bedford Avenue Retail Corridor and world-class nightlife.

The JLL Capital Markets Investment Sales team representing the seller was led by Senior Managing Directors Jeffrey Julien and Rob Hinckley, Senior Director Steven Rutman, Vice President John Taylor and Analyst Joy Ryoo. Working on behalf of the borrower, Senior Managing Director Steven Klein, Managing Director Geoff Goldstein, Associate Ricky Song and Analyst Joy Ryoo led the JLL Capital Markets Debt Advisory team.

“The Berkley presented a rare opportunity to acquire an institutional, boutique residential property with rent upside potential in a highly desirable and proven submarket,” said Julien.

“The property has shown resilient performance maintaining over 95 percent occupancy throughout the pandemic, and the deal received a tremendous amount of interest from the lending community given the institutional quality sponsorship,” added Klein.

“We are pleased to have completed this opportunistic sale of the Berkley, which reflects the extraordinary demand by institutional investors to own high-quality multifamily assets in prime New York City neighborhoods,” said Jeffrey Travia, Vice President at Trinity Place Holdings.

“Our company is proud to have partnered with Trinity Place Holdings on this trophy quality asset in one of New York’s most desirable neighborhoods,” Clay Adams, Pacolet Milliken Real Estate President added. “Pacolet Milliken will continue to build its property portfolio, one that is significant in scale and one that positions us for compelling investment opportunities in our future.”

“TF Cornerstone is delighted to add 223 North 8th St. to our portfolio of well-located housing in highly desirable neighborhoods of New York City,” stated Laura Murphy, Director of Finance with TF Cornerstone. “Williamsburg continues to shine as a thriving community that is sought after for its high quality of life and myriad amenities, and we look forward to bringing our five decades of experience in the housing market to The Berkley.”

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 sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Trinity Place Holdings 

Trinity Place Holdings Inc. (NYSE: TPHS) is a NYSE American listed real estate company focused on appropriate risk-adjusted real estate investments in the United States with a primary focus on New York City. The Company currently has approximately 700,000 gross square feet in active management or under construction. For more information, please visit tphs.com.

About Pacolet Milliken, LLC

Pacolet Milliken is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC, Pacolet is a family-owned firm that directly owns and manages a diversified, national portfolio of real estate, renewable energy and infrastructure assets. For more information, please visit pacoletmilliken.com.

About TF Cornerstone Inc.

TF Cornerstone (TFC) is a family-owned, vertically integrated real estate development company with a commitment to long-term, multi-generational ownership and management. From initial planning, zoning, and financing through construction, leasing and management, TFC continues to cultivate and support the surrounding community long after a project’s completion. Founded by Tom and Fred Elghanayan in 1970 with the renovation of a small brownstone in Lower Manhattan, TFC now owns and operates nearly 10,000 residential units in Manhattan, Brooklyn and Long Island City, and over 4 million square feet of commercial, office and retail space in New York; Washington, D.C.; Virginia and Pennsylvania. With several momentous developments on the horizon, TFC continues to build on its tradition of long-term investment and ownership by acquiring, developing and repositioning residential and commercial real estate. For more information, please visit TFC.com.