Metropolitan Bank Holding Supports $209.5 Million Acquisition of Affordable Housing in Brooklyn
- Metropolitan Bank Holding is involved in financing the acquisition of a $209.5 million residential building in Brooklyn.
- The project includes 463 residential units, with 147 designated as affordable housing to meet urban demand.
- This strategic partnership aims to enhance New York City's housing supply and promote community-oriented development practices.
Strategic Expansion in Brooklyn's Real Estate Market
Metropolitan Bank Holding Company finds itself at the intersection of a vibrant residential real estate market as Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, announces the acquisition of the prominent residential rental building located at 240 Willoughby Street in Fort Greene, Brooklyn. The acquisition, which totals $209.5 million, signifies a robust investment in the New York City real estate landscape. The building encompasses 463 residential units, including 147 designated as affordable housing, addressing the urgent demand for diverse housing options in the city. The project not only adds significant residential capacity to the area but also enhances the community's fabric by integrating affordable living spaces into a high-demand market.
The financing for this venture is secured through a senior loan of $141.5 million from M&T Realty Capital Corporation, underscoring the financial backing behind this strategic investment. The acquisition occurs at a pivotal moment, with leasing already underway following the completion of construction. The successful commencement of leasing over the Memorial Day weekend, with 25% of the units rented, reflects a strong demand in the Fort Greene neighborhood, known for its unique blend of culture and accessibility. This positive uptake indicates the project’s alignment with current market trends and the evolving preferences of urban renters, who are increasingly valuing both affordability and quality in their living environments.
Hal Fetner, President and CEO of Fetner Properties, confidently articulates the company’s commitment to contributing to New York City's housing landscape. With over 1,500 homes developed or acquired in the last two years across Brooklyn, Manhattan, and Queens, Fetner Properties is not only focused on market-rate offerings but is also dedicated to enhancing the availability of affordable housing options. P. David Bramble of MCB Real Estate emphasizes the strategic importance of 240 Willoughby Street as a premier asset in a burgeoning submarket, highlighting the collaboration's potential for unlocking long-term value in a competitive industry. The building's proximity to Fort Greene Park serves as an additional allure for renters, making it a sought-after location for those seeking quality urban living.
In a related development, the collaboration between Fetner Properties, MCB Real Estate, and Farallon Capital Management showcases a proactive approach to urban development, particularly in addressing the critical need for affordable housing in New York City. This partnership not only aims to bolster the city’s housing supply but also aligns with broader trends focusing on sustainable and community-oriented development practices.
As the residential market continues to evolve, the acquisition of 240 Willoughby Street by this strategic partnership signals a positive trajectory for both developers and potential residents in one of New York's most dynamic neighborhoods.