Business
JOINT VENTURE OF FETNER PROPERTIES, MCB REAL ESTATE AND FARALLON CAPITAL MANAGEMENT CLOSE ON $209 MILLION ACQUISITION OF 240 WILLOUGHBY STREET IN FORT GREENE, BROOKLYN
Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, today announced the assumption of a ground lease and the acquisition of 240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn.
About this update from Jones Lang Lasalle Incorporated
[{"type":"text","content":"One-of-a Kind Building Overlooking Fort Greene ParkOffers Breathtaking Views, 30k Square Feet of Amenities in Fort Greene","length":122,"tagName":"p","attribs":{}},{"type":"text","content":"BROOKLYN, N.Y., July 10, 2025 /PRNewswire/ -- Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, today announced the assumption of a ground lease and the acquisition of 240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn.","length":381,"tagName":"p"},{"type":"image","alt":"Credit: FRW Architects","displaySize":"","headline":null,"caption":"Credit: FRW Architects","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":225,"url":"https://media.zenfs.com/en/prnewswire.com/94af860a6e394f6b0b74a05a31929807"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/T93DMRBzuOvp_9UI5ZElmg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5NztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/94af860a6e394f6b0b74a05a31929807","width":400,"height":225}},"href":"https://mma.prnewswire.com/media/2728987/Fetner_Properties.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The purchase price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation (MTRCC). The Project was purchased at construction completion, and prior to lease up.","length":208,"tagName":"p"},{"type":"text","content":"JLL played an integral role in the transaction by representing the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.","length":154,"tagName":"p"},{"type":"text","content":"In anticipation of the closing, the Fetner team opened leasing on Memorial Day weekend. Since then, 25% of the building is already leased. "This rapid lease-up shows how much the neighborhood has embraced 240 Willoughby," said Hal Fetner, President and CEO of Fetner Properties. "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." Over the past two years, Fetner has bought or developed over 1500 homes across Brooklyn, Manhattan and Queens","length":583,"tagName":"p"},{"type":"text","content":"MCB...