December 11, 2018
A $207.75 million construction loan was secured to finance the development of 540 Fulton St., a luxury residential and office tower located in downtown Brooklyn. JLL worked on behalf of Jenel Management Co. to place the loan with Otera Capital Investments and Apollo Commercial Real Estate Finance.
The 42-story tower will be comprised of 180,000 residential square feet, encompassing 153 studios, 87 one-bedroom, 66 two-bedrooms, and 12 three-bedroom units. The office portion features 103,000 square feet on floors two through eight, and 21,000 square feet of retail space will be available along the front of Fulton Street and in the cellar of the building.
Aaron Appel, Jonathan Schwartz, Aaron Niedermeyer and Eliott Zeitoune led the JLL Capital Markets team on the assignment.
Zeitoune says, “With a top-notch development team, strong equity backing, a beautiful design and its location in the heart of booming Brooklyn, 540 Fulton Street was a great opportunity for the lending community. The project is perfectly-positioned to capitalize on the continued migration to downtown Brooklyn, its rapid development as a retail destination and its easy access to transportation.”
For comments, questions or concerns, please contact Dennis Kaiser