The Berkeley, Williamsburg

December 8, 2016 Comments Off on The 95-Unit Berkley Sells for $69M Views: 179 National News, New York, New York News, Northeast, Outer Boroughs New York

The 95-Unit Berkley Sells for $69M

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.

Read More at Busineswire

Connect with Trinity Place Holdings

Connect with Pacolet Milliken

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , , , , , , ,

Comments are closed.