A JV between Trinity Place Holdings and Pacolet Milliken Enterprises has acquired a 95-unit, luxury apartment building in Williamsburg, Brooklyn. The new completed asset, The Berkley, is located at 223 North 8th Street one block from the L Train’s Bedford Avenue Station and within walking distance to the J, M, Z and G trains. The property offers a rooftop sundeck lounge with barbecue stations and an outdoor kitchen, two-story fitness center and yoga lawn, parking garage and views of the Manhattan skyline. The property also benefits from a 25-year, 421a real estate tax abatement. Holliday Fenoglio Fowler represented the seller, a joint venture between Westbrook Partners and Largo. HFF secured a 10-year, floating-rate acquisition loan on behalf of the new owners through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
