NEW YORK CITY — JLL has arranged the $290 million recapitalization of 505 State Street, a 440-unit apartment building located in downtown Brooklyn. Completed earlier this year, the building offers one-, two- and three-bedroom apartments with an average size of 659 square feet, as well as 28,752 square feet of retail space. Amenities include a fitness center, yoga studio, rooftop pool, communal lounges, a screening room and dedicated workspaces. Details on any changes in the equity component of the capital stack were not disclosed, but the transaction did include the origination of a five-year, fixed-rate senior loan through insurance giant New York Life. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the loan on behalf of the borrower, Alloy Development.
The apartment building at 505 State St. is New York City's first all-electric residential tower. The owner, Alloy Development, imbued the building with energy-efficient technologies and materials to reduce carbon footprints and promote a more sustainable way of living.
JLL Arranges $290M Recapitalization of Downtown Brooklyn Apartment Building
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