NEW YORK, NY – 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.
About HFF: 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.