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Highlights
• USD209.5 million acquisition includes 463-unit Fort Greene building with 147 affordable units
• Senior loan of USD141.5 million provided by M&T Realty Capital Corporation
• Leasing began prior to acquisition; 25% of units already leased

Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, has acquired the newly completed 240 Willoughby Street residential tower in Brooklyn’s Fort Greene neighborhood for USD209.5 million. The transaction included the assumption of a ground lease and a USD141.5 million senior loan provided by M&T Realty Capital Corporation.

The 463-unit building includes 147 affordable housing units and was purchased upon construction completion, prior to lease-up. Leasing began on Memorial Day weekend, and 25 percent of the units have already been leased, according to the developer.

Jones Lang LaSalle (NYSE:JLL) acted as the exclusive advisor, representing the seller and the joint venture on financing. The company facilitated the closing and structured the capital stack for the purchase.

Apartments range from studios to two-bedroom layouts and feature floor-to-ceiling windows, in-unit washer/dryers, integrated Bluetooth sound systems, and high-end finishes. Some residences have private terraces, and the top four floors include penthouse units. The façade incorporates a glass design outlined by a gold-toned grid.

Residents have access to over 30,000 square feet of shared amenities, including a fitness center, yoga studio, screening room, pet spa, game room, rooftop terrace, business lounge, and family-friendly recreational areas. Onsite parking and private event spaces with a catering kitchen are also available.

The building's proximity to Fort Greene Park and the inclusion of affordable units were noted by the development team as distinguishing features of the acquisition.