NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces $32 million in financing for Caesura, a newly completed, 123-unit residential building with ground-floor retail in Brooklyn’s Cultural District.
The HFF team worked on behalf of the borrower, Jonathan Rose Companies, LLC, to place the 10-year, fixed-rate loan with Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.
Caesura comprises a mix of 74 market-rate and 49 affordable units within a twelve-floor building with 2,400 square feet of ground-floor retail located at the corner of Ashland Place and Lafayette Avenue. Completed earlier this year, the property is ideally situated at the confluence of Fort Greene and Downtown Brooklyn, both of which are experiencing an increase of development. Caesura, which is already more than 80 percent occupied, is directly across from the BAM Howard Gilman Opera House, a Whole Foods Market and the Apple Store. The property is also within walking distance to 11 subway stops. Caesura features environmentally conscious design elements to promote healthy living, resource conservation and energy efficiency, which meet or exceed LEED Gold standards. In addition to in-home amenities such as walk-in closets, in-unit washers and dryers and kitchen islands, the elevator-serviced building also incorporates common area amenities, including a fitness center, community lounge, game room, double-height conservatory, roof garden and lending library.
The HFF team representing the borrower included managing director Steven Klein and senior director Geoff Goldstein.
“It was an absolute pleasure to work with the team at Jonathan Rose and Allegiant on this financing,” Goldstein said. “Jonathan Rose consistently develops transformative and totally authentic real estate projects that capture the spirit of their locations and Caesura is no exception. It was an honor to be part of their creative process.”
About Jonathan Rose Companies: Jonathan Rose Companies is one of the country’s leading developers and investors in sustainable, affordable and mixed-income multifamily real estate, with nearly 15,000 units owned or managed. Founded in 1989, Jonathan Rose Companies is a mission-driven company focused on enhancing the health and wellness of its residents through its Communities of Opportunities programming, while also working to make its properties greener and more energy efficient. With offices in New York, Connecticut, Colorado, California and New Mexico, Jonathan Rose Companies has developed or acquired more than $2.5 billion of real estate. For more information, visit rosecompanies.com.
About Allegiant Real Estate Capital L.P. Allegiant is a commercial real estate investment management company that originates, acquires and manages fixed- and floating-rate first mortgage loans on all property types. For more information, please visit allegiantrec.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.