GFI Arranges $40M Acquisition Loan on Sheepshead Bay Rentals
GFI Realty Services closed on a $40-million acquisition loan for 1501 Voorhies Ave., formerly known as Avalon Brooklyn Bay and rebranded by the buyer as Aqualina New York, located in Brooklyn’s Sheepshead Bay neighborhood. The financing was secured through OceanFirst Bank and arranged by Daniel Lerer, managing director, investment sales & finance at GFI.
The collateral for the loan includes the entire rental portion of the building, spanning floors 2 through 19, as well as a 105-space parking garage. Floors 20 through 28 contain 56 individual condominium units, which were previously sold.
Delivered in 2018 as a joint venture between AvalonBay Communities and Muss Development, Avalon Brooklyn Bay was designed as a mixed-use condominium structure featuring two distinct residential components. Muss developed and sold out the condos, while AvalonBay retained ownership of the rental apartments and parking facility.
“This transaction provided the borrower with the opportunity to secure attractive leverage that optimizes returns while preserving long-term flexibility,” said Lerer. “OceanFirst Bank demonstrated strong conviction in both the property’s fundamentals and the borrower’s proven track record.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout