HFF Secures $165M Financing for Condo Project in Downtown Brooklyn

Feb 07, 2019 04:21 pm

Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $165 million in financing for the development of One Boerum Place, a 21-story, luxury mixed-use condominium development in Downtown Brooklyn.

HFF worked on behalf of One Boerum Development Partners LLC, a joint venture between Allegra Holdings, Avery Hall Investments and Aria Development Group, to arrange the floating-rate construction loan with a foreign pension fund.

One Boerum Place will be situated in Downtown Brooklyn’s Borough Hall district at the convergence of some of the area’s most coveted neighborhoods, including Boerum Hill, Cobble Hill, Brooklyn Heights and Fort Greene. Due for completion in the first quarter of 2021, the 122-unit project will be steps from the A, C, F, 2, 3, 4, 5 and R subway lines, providing excellent connectivity around New York City. The building’s design includes spacious layouts in a variety of one- through four-bedroom floorplans, which will provide sweeping views of the Manhattan and Brooklyn skylines, the East River and New York Harbor. Units will feature high-end finishes, including gourmet kitchens with Miele appliances, custom cabinetry and stone countertops. Bathrooms will have freestanding bathtubs, stone floors and walls and chrome finishes. One Boerum Place is also planned to include a full suite of amenities, such as a pool with sauna and changing room area, two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop with outdoor kitchen, fully attended lobby with 24/7 doorman and concierge service, residential storage and a fully automated parking garage. In addition, the project will feature nearly 22,000 square feet of ground-floor retail space.

The HFF debt placement team included managing directors Christopher Peck and Graham Stephens, senior director Peter Rotchford and associate Alex Staikos.

“HFF delivered unparalleled service for our partnership and have a firm command of the market options available to top-quality sponsorship,” said Avi Fisher, Avery Hall’s founding principal. “We look forward to continuing to work together in the future.”

“It’s always exciting to introduce new capital to a market and watch our client build something special,” Peck said.

About Allegra Holdings

Allegra Holdings is a Spanish real estate investment company headquartered in Alcobendas, Spain, that specializes in real estate investments across all property types around the world. With major investments in the United States, Spain, the United Kingdom, Brazil, Australia, Canada, Colombia and Portugal, the company has a wide variety of assets and investments. Their current portfolio consists of over $1 billion in assets worldwide.

About Avery Hall Investments

Avery Hall Investments specializes in the acquisition, design and development of unique real estate assets which are primed for growth and value creation. Avery Hall’s experienced and interdisciplinary team is ready to tackle tough development challenges to generate superior, risk-adjusted returns. The firm shepherds every project from architectural and zoning feasibility studies, through day-to-day construction, to completion and disposition. Avery Hall Investments is committed to creating projects which enhance the quality of life in the communities in which it invests, with a focus on long-term value growth. http://www.averyhallinvestments.com/

About Aria Development Group

Aria is a real estate investment and development firm with offices in New York City, Washington, D.C. and Miami. Founded in 2009 by partners Joshua Benaim, David Arditi and Timothy Gordon, the firm marries a classic value investment strategy with the traditional real estate principles of location, scarcity and beauty. Aria invests capital on behalf of its principals and partners in both real estate equity and real estate related debt. Aria specializes in complex situations, including ground-up development and adaptive reuse, mezzanine financing for assemblage or construction, preferred equity and joint venture equity. Aria’s development projects are focused on creating distinguished urban infill multifamily and mixed-use properties in great neighborhoods. Notable developments include 321 Ocean in Miami Beach, The Bond and The Alden in Washington, D.C. and 465 Pacific in Boerum Hill, Brooklyn, New York. Since inception, Aria has invested in excess of $300 million of equity through joint ventures and its discretionary fund, Aria Investment Partners LP. http://ariadevelopmentgroup.com/

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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