Chicago, Illinois, June 19, 2011 – Wrightwood Capital invested $8,500,000 in a joint venture created to acquire and improve leasing on a newly constructed 41,615 square foot multifamily building in Brooklyn’s Fort Grene/Clinton Hill neighborhood. Tallest building in the neighborhood, this 16 story residential building includes 1,176 of retail space on the ground floor, unobstructed views of the Manhattan skyline, abundant balconies, outdoor terraces, a gym, parking and “Zen garden”.
Originally constructed to be sold as condominiums, the new partnership formed to acquire this asset intends to lease the property at market rates. “The continued strong demand for rental housing in the New York boroughs gives us great confidence in the business plan for this asset” stated Daniel Hartman, Senior Regional Director, Fund Management. ”The partnership has extensive experience with rental housing in the New York and New Jersey metropolitan area and is well placed to lease this unique asset.”
Wrightwood Capital has made over $5.4 billion of loans and investments since 1997, and currently manages approximately $1.5 billion in assets. Smart commercial real estate operators and investors have learned to depend on Wrightwood Capital’s views on risk, credit and capital flows, as well as its ability to custom-tailor debt and equity structures to fuel their real estate business plans.
For more information please contact Gunnar Branson at 312.324.5943