$51.175 million financing secured by HFF to develop Class A creative office space in Brooklyn, New York
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $51.175 in first mortgage financing for 1300 Flushing Avenue, a six-story warehouse and distribution building that will be converted into premiere, Class A creative office space in Brooklyn’s Bushwick neighborhood.
HFF worked on behalf of the borrower, a joint venture partnership between Lincoln Property Company and Alcion Ventures, to place the three-year, floating-rate loan with two one-year extension options with Mack Real Estate Credit Strategies. Loan proceeds will be used to acquire and reposition the asset.
The light industrial building located at 1300 Flushing is situated at the intersection of Flushing and Cypress Avenues, the epicenter of Brooklyn’s Bushwick neighborhood. Bushwick is a burgeoning creative and energetic neighborhood with newly-constructed multi-housing, condo buildings, organic grocers and upscale restaurants in addition to a flourishing artist community. The surrounding neighborhoods include Williamsburg, Greenpoint, DUMBO and Ridgewood, some of the most desirable and live-work-play locations in Brooklyn and Queens. The property is two blocks from the Jefferson Street L Subway Station, which provides direct access to Union Square and Manhattan within 15 minutes. Once redeveloped, the pre-war 1300 Flushing building will consist of 122,697 rentable square feet of Class A creative office space with high ceilings, natural light, exposed structural work and ducting, large operable windows, pet-friendly policies, functional roof space and other non-traditional design elements, including living rooms and kitchens.
The HFF debt placement team representing the borrower was led by senior managing director Doug Bond, managing director Mark Wintner and associate director Christopher Peck.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, the firm expanded its line of products and services to include commercial real estate. Its national reputation for successful management of its own properties quickly attracted a large client base of owners and investors who recognized the value that the firm could provide in development, property management and real estate consulting services. Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.
About Alcion Ventures
Alcion Ventures is a real estate private equity firm that executes an opportunistic investment strategy with uniquely positioned real estate in select markets. Alcion’s five principals are cycle-tested real estate professionals with over 120 years of combined real estate investment experience. For more information, visit www.alcionventures.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.