December 8, 2016
Trinity Place Holdings Inc. and Pacolet Miliken Enterprises Inc. acquired The Berkley, a just-delivered, 95-unit apartment building in Williamsburg, Brooklyn for $68.9 million from developer Largo Investments. The purchase was capitalized with a $42.5 million, interest-only senior loan from Freddie Mac, at a spread of 216 basis points above LIBOR. The buy is the partnership’s first.
The Berkley is at 223 N. 8th St., and benefits from a 25-year 421a real estate tax abatement. Amenities include in-unit washers and dryers, individual HVAC controls and hardwood plank flooring. The asset offers studios, one, and two-bedroom units. “We fully expect that this investment with Pacolet Miliken is the beginning of a long-term partnership strategy with one of the nation’s leading family-owned real estate firms,” said Trinity Place Holdings’ Matthew Messinger.
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