JV Sells Brooklyn Mixed-Use Asset for $28.8M

Silverstone Property Group and Adam America sell a property is Williamsburg; and Greystone provides $8.5 million in HUD financing for an Illinois property.

Photo copyright by Travis DubreuilNew York—A 28-unit mixed-use asset located in the Williamsburg neighborhood of Brooklyn has traded hands for $28.8 million. The sellers/developers were Silverstone Property Group and Adam America Real Estate Group. In addition to its apartment space, 65-69 North 6th Street contains 4,000 square feet of ground-floor retail and 14 off-street parking spaces.

Silverstone and Adam America reworked the previous owner’s plans for a 24-unit condo, reconfiguring the product into a luxury rental building. Construction began in August 2011, with completion in September 2012. Every unit was rented within 30 days of hitting the market, which goes to show just how hot the trendy Williamsburg neighborhood is.

“We’re pleased with every step of our execution of this project, from start to finish,” says Martin Nussbaum, a principal of Silverstone. “The results speak for themselves, in the value we created and then realized through this disposition.”

Greystone provides $8.5M in HUD financing for an Illinois asset

Woodridge, Ill.—Greystone has provided an $8.5 million FHA loan for Hawthorn Ridge Apartments, a 176-unit community located at 3211 Fox Street in Woodridge, Ill. The firm was able to get a HUD commitment in less than 60 days on the Section 223(f) loan.

“Long-term financing is the ideal solution for many borrowers due to the low interest rate environment,” says Betsy Vartanian, head of Greystone’s FHA business. “We have seen rates increase over the past few months and are encouraging our clients to evaluate their long term needs and to act quickly.”