HFF arranges $28 million refinancing for mixed-use building in Brooklyn’s Boerum Hill
NEW YORK, NY – July 25, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $28 million refinancing for 110 4th Avenue, a mixed-use multi-housing, retail and office building in Brooklyn’s Boerum Hill neighborhood.
HFF worked on behalf of the borrower to secure a 10-year, fixed-rate, interest-only loan, which represented an estimated 75 percent loan to value.
110 4th Avenue has a mix of 49 studio, one- and two-bedroom residential units and 5,197 square feet of retail/medical office space on the ground floor. Amenities include a concierge, common room and fitness center with most units featuring balconies and/or in-unit washers and dryers. Situated less than half of a mile southwest of Barclays Center, the property is near multiple subway stations, including the D, N, R, 2, 3, 4, and 5 trains. The 100-percent-leased property was completed in 2007 and is subject to a 421a tax abatement.
The HFF debt placement team representing the borrower was led by managing director Scott Aiese.
“In a deal that had complicated rent abatements burning off over time, HFF sourced a group that was able to fully understand the intricacies of the underwriting and perform extremely well for the client, which is a testament to the quality of both the sponsor and the asset,” Aiese said.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.