CBRE Capital Markets announced that it has arranged a $12 million acquisition loan for the purchase of 680 Fulton Street, a mixed-use property in Brooklyn’s Fort Greene neighborhood.
CBRE’s Debt & Structured Finance team of Shamir Seidman, Judah Hammer and Jeff Feldman secured the financing on behalf of Z+G Property Group through Santander.
“This financing supports the acquisition of an excellent mixed-use asset in one of Brooklyn’s most desirable residential neighborhoods,” said Seidman. “The property’s historic character, established retail tenancy, and strong residential appeal generated significant lender interest, resulting in an attractive financing structure for the borrower.”
The loan represents approximately 70% loan-to-value and features a five-year term with an initial period of interest-only payments.
Known as The Portland, 680-686 Fulton Street is a four-story, neo-Renaissance mixed-use building featuring a limestone façade and dating back to approximately 1900. The property includes ground-floor retail space anchored by Greenlight Bookstore and Yours Truly stationery shop, with residential apartments above ranging from studio to two-bedroom units.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development).
