JLL Capital Markets Secures $27.7M Financing Package with Citigroup for Brooklyn Property Portfolio

The real estate market in Brooklyn is buzzing with excitement as JLL Capital Markets recently announced the arrangement of a $27.7 million financing package with Citigroup. The financing was secured to recapitalize a mixed-use residential and retail property portfolio in prime neighborhoods across Brooklyn.

The borrower, a joint venture between The Mann Group, LLC and True North Management, received two separate loans totaling $27.7 million from Citigroup. The first portfolio includes properties in Greenpoint, with 33 residential rental units and six retail units, all fully occupied and upgraded with modern finishes. The second portfolio consists of two mixed-use free market buildings in Williamsburg and Greenpoint, both fully occupied with residential units and ground-floor retail.

The JLL team that represented the borrower, including Senior Managing Director Scott Aiese and Director Alex Staikos, praised the sponsors for their experience and success in the New York City real estate market. Aiese stated, “Lenders were eager to partner with a best-in-class New York City operator and a national asset manager on a newly renovated, mixed-use portfolio situated in highly sought-after neighborhoods.”

Greenpoint and Williamsburg are known for their extensive transportation options, well-established retail, and popular restaurants and national tenants. The neighborhoods have seen significant office development in recent years, attracting a talented workforce seeking a vibrant lifestyle with access to open space and cultural attractions.

Overall, this financing deal highlights the continued strength and appeal of the Brooklyn real estate market, with investors and lenders recognizing the value and potential of properties in these prime neighborhoods.