The Dermot Company purchases The Addison in Downtown Brooklyn
JLL represented seller and arranged the acquisition financing for purchaser of the multi-housing and retail property
NEW YORK, June 15, 2022 – JLL Capital Markets has closed the sale of The Addison, a two-building, 271-unit luxury apartment rental property with three ground-floor retail spaces located at 225 Schermerhorn Street in Downtown Brooklyn, New York.
JLL marketed the property on behalf of the seller, BentallGreenOak, a global real estate investment management advisor and provider of real estate services. The property was acquired by New York City-based real estate investment firm, The Dermot Company in partnership with USAA Real Estate and PGGM. JLL also represented the buyer in securing acquisition financing from Capital One.
Completed in 2011, The Addison is a mixed-income building featuring 65 studios, 117 one-bedroom and 89 two-bedroom apartments. Located between Hoyt and Bond streets, the property is a mixed-use building consisting of two residential towers, three ground-floor retail spaces and a below-grade structured parking garage with 109 parking spaces. The Livingston Street tower consists of 26 stories, while the Schermerhorn Street tower is 15 stories. The towers are interconnected and share all amenity spaces.
On the border of Boerum Hill, The Addison’s location provides residents a premier 24/7 live/work/play environment and proximity to transportation that allows for easy access to Manhattan in less than 20 minutes. It is located directly above the Hoyt-Schermerhorn subway station (A, C, G), with an additional 10 subway lines and the Atlantic Terminal lines are located within a few blocks. Fort Greene Park is within walking distance of The Addison, as are an array of highly rated restaurants, retailers and antique shops on the Fulton Street and Atlantic Avenue retail corridors.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jeffrey Julien and Rob Hinckley, Managing Director Steve Rutman, Senior Director Paul Spellman and Associate Jonathan Faxon. Spellman, along with Senior Managing Director Steven Klein and Vice President Christopher Pratt, from JLL Capital Markets Debt Advisory, arranged the financing with Capital One.
“There has been unprecedented investment of capital in downtown Brooklyn in recent years, transforming the submarket into an entirely new neighborhood,” said Julien.
Andrew Levison, Partner and Managing Director at The Dermot Company, said, “The Addison is a terrific property in a rapidly evolving neighborhood in which we have many years of experience. We are excited to bring our market-leading services to the residents of The Addison and to improve the building over time. We are also thrilled to once again work with Capital One as our lender. Their deep understanding of New York City led to a great execution for everyone involved.”
“This transaction represents Capital One’s commitment to financing attractive, well-located multifamily assets in markets such as Brooklyn. We were pleased to work alongside a team of experienced, institutional sponsors with a strong business plan for the property,” said Prithvi Mohan, Senior Vice President of Commercial Real Estate at Capital One.
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 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Dermot Company
The Dermot Company, based in New York City, was formed in 1991 as a real estate investment and management company focused on multi-family sector opportunities. The company has evolved into a fully integrated real estate company employing over 100 real estate professionals in investment, finance, management and development. Dermot currently manages approximately $3.5 billion in assets and owns, hold investments in or manages over 5,000 apartments.
About USAA Real Estate
Along with its affiliate companies, USAA Real Estate invests across the risk spectrum for a global client base, managing over $36 billion in net assets under management within a diversified portfolio across North America and Europe. USAA Real Estate provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics. For more information, visit usrealco.com.
About Capital One
Capital One’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at capital.one/multifamily.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $55 billion USD of assets under management (as of December 31, 2020) and expertise in the asset management of office, industrial, multi-residential, retail and hotel property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life. The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates. For more information, please visit www.bentallgreenoak.com.