JLL Capital Markets announced that it has arranged the $70.77 million sale and $35.5 million acquisition financing for The Berkley, a 95-unit residential rental property at 223 North Eighth St. in the Williamsburg neighborhood of Brooklyn, New York, to New York City-based real estate developer TF Cornerstone.
JLL marketed the property on behalf of the seller, a partnership between Trinity Place Holdings Inc. and Pacolet Milliken. JLL also worked on behalf of the buyer, TF Cornerstone, to secure $35.5 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 central landscaped courtyard, tenant storage, bike storage, parking garage and unobstructed views of the Manhattan skyline.
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.
“TF Cornerstone is delighted to add 223 North Eighth St. to our portfolio of well-located housing in highly desirable neighborhoods of New York City,” said 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.”
