HFF Secures $165 Million Financing for Condo Project in Downtown Brooklyn

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Avi Fisher

NEW YORK–Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $165 million in financing for the development of One Boerum Place, a 21-story, luxury mixed-use condominium development in Downtown Brooklyn.

HFF worked on behalf of One Boerum Development Partners LLC, a joint venture between Allegra Holdings, Avery Hall Investments and Aria Development Group, to arrange the floating-rate construction loan with a foreign pension fund.

One Boerum Place will be situated in Downtown Brooklyn’s Borough Hall district at the convergence of some of the area’s most coveted neighborhoods, including Boerum Hill, Cobble Hill, Brooklyn Heights and Fort Greene.

Due for completion in the first quarter of 2021, the 122-unit project will be steps from the A, C, F, 2, 3, 4, 5 and R subway lines, providing excellent connectivity around New York City. The building’s design includes spacious layouts in a variety of one- through four-bedroom floorplans, which will provide sweeping views of the Manhattan and Brooklyn skylines, the East River and New York Harbor. Units will feature high-end finishes, including gourmet kitchens with Miele appliances, custom cabinetry and stone countertops.

Bathrooms will have freestanding bathtubs, stone floors and walls and chrome finishes. One Boerum Place is also planned to include a full suite of amenities, such as a pool with sauna and changing room area, two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop with outdoor kitchen, fully attended lobby with 24/7 doorman and concierge service, residential storage and a fully automated parking garage. In addition, the project will feature nearly 22,000 square feet of ground-floor retail space.

The HFF debt placement team included managing directors Christopher Peck and Graham Stephens, senior director Peter Rotchford and associate Alex Staikos.

“HFF delivered unparalleled service for our partnership and have a firm command of the market options available to top-quality sponsorship,” said Avi Fisher, Avery Hall’s founding principal. “We look forward to continuing to work together in the future.”

“It’s always exciting to introduce new capital to a market and watch our client build something special,” Peck said.