JOINT VENTURE OF FETNER PROPERTIES, MCB REAL ESTATE AND FARALLON CAPITAL MANAGEMENT CLOSE ON $209 MILLION ACQUISITION OF 240 WILLOUGHBY STREET IN FORT GREENE, BROOKLYN

Rhea-AI Summary

A joint venture between Fetner Properties, MCB Real Estate, and Farallon Capital Management has completed the $209.5 million acquisition of 240 Willoughby Street in Fort Greene, Brooklyn. The transaction includes a $141.5 million senior loan from M&T Realty Capital Corporation.

The newly constructed residential building features 463 units, including 147 affordable housing units. Since leasing began on Memorial Day weekend, 25% of the building has already been leased. The property boasts over 30,000 square feet of amenities, including a business lounge, fitness center, and extensive recreational facilities. JLL represented both the seller and the JV partnership in the transaction.

Positive

• None.

Negative

• Large acquisition cost of $209.5 million with significant debt financing of $141.5 million
• Property acquired before full lease-up, presenting occupancy risk
• Ground lease structure instead of fee simple ownership

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One-of-a Kind Building Overlooking Fort Greene Park
Offers Breathtaking Views, 30k Square Feet of Amenities in Fort Greene

BROOKLYN, N.Y., July 10, 2025 /PRNewswire/ -- Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, today announced the  assumption of a ground lease and the acquisition of 240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn.

The purchase price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation (MTRCC). The Project was purchased at construction completion, and prior to lease up.

JLL played an integral role in the transaction by representing the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.

In anticipation of the closing, the Fetner team opened leasing on Memorial Day weekend. Since then, 25% of the building is already leased. "This rapid lease-up shows how much the neighborhood has embraced 240 Willoughby," said Hal Fetner, President and CEO of Fetner Properties. "We're very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market rate housing to the city." Over the past two years, Fetner has bought or developed over 1500 homes across Brooklyn, Manhattan and Queens

MCB Real Estate leveraged its strong track record of major urban investments to quickly underwrite and execute the acquisition. "We jumped at the opportunity to acquire this one-of-a-kind, premier asset. It is a true standout among competitive projects, located in one of Brooklyn's high-growth submarkets and uniquely positioned to meet the evolving needs of today's renters," said P. David Bramble, Managing Partner at MCB Real Estate. "Partnering with Farallon and Fetner brings together a powerhouse team with the insight, experience, and executional strength to unlock long-term value in one of the most competitive real estate markets in the country."

With Fort Greene Park directly adjacent to the building, residents will enjoy a park for a front yard, an unbeatable amenity in New York. 240 Willoughby features many large private terraces, allowing residents to fully take advantage of the protected open views and fresh air. This is a rare opportunity to enjoy modern, high-quality living in one of the borough's most sought-after neighborhoods.

Apartments range from studios to two-bedrooms and feature in-unit washer/dryers, premium finishes, custom integrated Bluetooth sound systems, and floor-to-ceiling windows offering unobstructed sensational city views and an expansive living experience. In addition to the many large private outdoor terraces throughout the building, the top four floors feature incredible penthouse units. The striking glass facade is accented by a signature gold-hued framework, running in a grid pattern along the edge of the balconies.

Residents can enjoy over 30k square feet of amenities, including a business lounge, yoga studio, fitness center, bike room, screening and karaoke room, pet spa and dog run, video game and sports simulator rooms, as well as numerous family-friendly spaces, such as a large game room outfitted with shuffleboard, a golf simulator, a ping pong table, and a billiards table, as well as an interactive children's playroom adorned with playful murals. A huge, landscaped roof deck and terrace offer ample space for enjoying fresh air and wide-reaching views. Onsite parking is available, as is a private party room with an attached catering kitchen.

For more information, please visit https://240willoughby.com/.

About Fetner Properties

Fetner Properties is a dynamic player in an ever-changing multifamily market; a full-service, fully integrated real estate company specializing in developing, owning, and managing residential properties, with five new projects in the pipeline consisting of 1500 residences in Brooklyn, Long Island City and Manhattan, Fetner is always on the forefront of the residential real estate industry. At Fetner Properties, residents are neighbors, not tenants, and every decision is made with them in mind. Fetner has been creating communities in New York City since 1955, through three generations of family ownership.

About MCB Real Estate 

Founded in 2007, MCB Real Estate is a community-centric, privately held national commercial real estate investment management and development firm headquartered in Baltimore, Maryland. MCB boasts a nationwide portfolio of $3 billion in assets under management totaling approximately 17 million square feet with approximately 6 million square feet in its development pipeline. Property types include industrial, retail, mixed-use, multi-family, office, and healthcare. The firm offers a seamlessly integrated suite of commercial real estate investment services, including acquisitions, development, construction, asset management, property management, leasing, marketing, financing and legal expertise, thus ensuring comprehensive support throughout every stage of an asset's lifecycle. www.mcbrealestate.com.

About Farallon®

Farallon Capital Management, L.L.C. is a global institutional investment management firm founded in 1986. Farallon manages approximately $39 billion in capital and commitments for institutions, including college endowments, charitable foundations, pension plans and sovereign wealth funds, and high net worth individuals and family offices. Farallon is headquartered in San Francisco and has offices in New York, London, Singapore, Hong Kong, Tokyo and São Paulo. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information about Farallon is available at www.faralloncapital.com. 

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 ^® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

CONTACT:

Barbara Wagner Barbara Wagner Communications (917) 751-4387 barbara@bwagnerpr.com

Jarnell Swecker MCB Real Estate (443) 604-0358 jswecker@mcbrealestate.com

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SOURCE Fetner Properties, Inc.

FAQ

What is the purchase price of 240 Willoughby Street in Fort Greene, Brooklyn?

The joint venture acquired 240 Willoughby Street for $209.5 million, with a $141.5 million senior loan from M&T Realty Capital Corporation.

How many units does 240 Willoughby Street offer and what is the affordable housing component?

The building offers 463 total units, with 147 units designated for affordable housing, representing approximately 32% of the total units.

What is the current occupancy rate at 240 Willoughby Street?

Since leasing began on Memorial Day weekend 2025, 25% of the building has been leased, showing strong initial market demand.

What amenities are available at 240 Willoughby Street?

The building features over 30,000 square feet of amenities including a business lounge, yoga studio, fitness center, pet spa, game rooms, sports simulator, children's playroom, and a landscaped roof deck with views.

Who are the partners involved in the 240 Willoughby Street acquisition?

The acquisition is a joint venture between Fetner Properties, MCB Real Estate, and Farallon Capital Management, with JLL representing both the seller and the JV partnership.