NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction.
Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner.
“We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties.
The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers.
Additionally, Verdant Fort Greene features more than 30,000 square feet of amenities for residents, which include a business lounge, yoga studio, fitness center, bike room, media/karaoke room, video game/sports simulator rooms, private party room with an attached catering kitchen, pet spa and a roof deck and terrace.
The community also offers several family-friendly spaces, such as a large gaming area with a golf simulator, shuffleboard, ping pong table, billiards table and an interactive children’s playroom.
Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the seller, The Rabsky Group, in the transaction. Christopher Peck, Peter Rotchford, Nicco Lupo and Christopher Pratt, also with JLL, arranged the acquisition loan.
New York City based-Fetner Properties specializes in developing, owning, and managing residential and mixed-use properties, with a focus on providing high-quality options, including affordable housing, across the city’s neighborhoods. According to company representatives, Fetner has purchased or developed more than 1,500 homes across Brooklyn, Manhattan and Queens.
Founded in 2007, MCB Real Estate maintains a nationwide portfolio of $3 billion in assets, totaling 17 million square feet. With approximately 6 million square feet in its development pipeline, MCB focuses on property types including industrial, retail, mixed-use, multi-family, office and healthcare.
Headquartered in San Fransisco, Farallon Capital Management manages approximately $39 billion in capital and commitments for institutions like college endowments, charitable foundations, pension plans and sovereign wealth funds, as well as high net worth individuals and family offices.
— Abby Cox