Citigroup Provides $27M Loan to Refinance Brooklyn Resi Portfolio
A joint venture between The Mann Group and True North Management is behind the deal of several mixed-use residential buildings in Williamsburg and Greenpoint
By Brian Pascus April 23, 2024 11:05 am
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A joint venture between The Mann Group" class="company-link">The Mann Group and True North Management has secured $27.7 million in financing to recapitalize a nine-asset portfolio of residential buildings with retail components across Brooklyn, Commercial Observer has learned.
Citigroup financed the recapitalization, while the JLL Capital Markets team of Scott Aiese and Alex Staikos arranged the financing on behalf of the sponsors. Citigroup provided $20.2 million for a seven-asset section of the portfolio, and a $7.5 million loan for a two-building portion of the portfolio.
Aiese described The Mann Group and True North Management as “exceptionally experienced investors” and described the strategy to refinance the portfolio as a “value-add” move that improves New York’s “supply-constrained” housing market.
“[The] lenders were eager to partner with a best-in-class New York City operator and a national asset manager on a newly renovated, mixed-use portfolio situated in highly sought-after neighborhoods,” Aiese said in a statement.
The larger portion of the residential portfolio includes seven buildings located in Greenpoint, Brooklyn: 591 Manhattan Avenue, 592 Manhattan Avenue, 593 Manhattan Avenue, 595 Manhattan Avenue, 574 Manhattan Avenue, 602 Manhattan Avenue, and 872 Lorimer Street. The two building portfolio includes 126 Bedford Avenue in Williamsburg and 152 Norman Avenue in Greenpoint. There are approximately 44 renovated residential units and eight retail units among the nine buildings.
The North Brooklyn neighborhoods of Williamsburg and Greenpoint have developed more than 2 million square feet of office space in just the last two years, according to JLL.
The Mann Group and True North Management did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
