TF Cornerstone Buys Brooklyn Building for $71M

1 min read

JLL Capital Markets arranged a $36 million acquisition loan through Nationwide.

multifamily property
The Berkley. Image courtesy of JLL Capital Markets

TF Cornerstone has acquired the two-building The Berkley apartments in Brooklyn, N.Y., from a partnership between Trinity Place Holdings and Pacolet Milliken for $71 million. The property is in the borough’s Williamsburg neighborhood.

The new owner has obtained $36 million in acquisition financing from Nationwide that was arranged by JLL Capital Markets.

READ ALSO: Brooklyn Multifamily Report – January 2022

The 95-unit The Berkley, located at 223 N. 8th St., offers studio, one-, two- and three-bedroom residences. The dual seven-story buildings were constructed in 2016 and have a total of 76 market-rate units, as well as 19 affordable units through a 421a tax abatement that expires in 2042.

The Berkley Details

Apartment amenities include private balconies and terraces in many residences, washers/dryers, stainless-steel appliances and hardwood floors. The Berkley offers conveniences to residents that include a rooftop sundeck lounge, a two-story fitness center and yoga lawn, a 3,600-square-foot courtyard with a fire pit, tenant storage, bike storage and a parking garage.

The apartment property is situated at the epicenter of Williamsburg and is a few blocks from the L train at the Bedford Avenue subway station. The Berkley offers residents access to many dining, entertainment and shopping venues in the neighborhood and along Bedford Avenue.

The sellers were represented by Jeffrey Julien, Rob Hinckley, Steven Rutman, John Taylor and Joy Ryoo with JLL Capital Markets. TF Cornerstone was represented in the financing by Steven Klein, Geoff Goldstein, Ricky Song and Joy Ryoo with JLL Capital Markets.

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