CBRE Capital Markets has arranged a $12 million acquisition loan for Z+G Property Group to purchase a mixed-use building in Brooklyn’s Fort Greene neighborhood, with Santander providing the financing, according to CityBiz.
CBRE’s Debt & Structured Finance team, comprising Shamir Seidman, Judah Hammer and Jeff Feldman, secured the loan. The financing represents approximately 70% of the property’s loan-to-value ratio and includes a five-year term with an initial period of interest-only payments. The announcement did not disclose the purchase price or closing date.
Known as The Portland, the building at 680-686 Fulton St. is a four-story, neo-Renaissance property dating to approximately 1900. It features a limestone facade and combines ground-floor retail space with residential apartments above, ranging from studios to two-bedroom units.
“This financing supports the acquisition of an excellent mixed-use asset in one of Brooklyn’s most desirable residential neighborhoods,” said Seidman. “The property’s historic character, established retail tenancy and strong residential appeal generated significant lender interest, resulting in an attractive financing structure for the borrower.”
The property’s retail tenants include Greenlight Bookstore and Yours Truly stationery shop, which serve shoppers in the surrounding neighborhood. The building’s combination of retail and residential space brings together commercial activity and housing in one of Fort Greene’s historic buildings.
According to CBRE, the property’s historic character, established retail tenants and residential appeal attracted significant interest from lenders. The company said the interest helped secure financing terms it described as attractive for the borrower.
The five-year loan provides financing for the acquisition, while the initial interest-only period means the borrower will initially make interest payments without paying down the loan principal during that phase.
The transaction highlights continued financing activity involving mixed-use properties in Brooklyn, where residential apartments and ground-floor businesses share space in established neighborhoods.
CBRE did not announce plans for renovations, changes to the building’s existing tenants or further development following the acquisition. The announcement also did not provide a timeline for any future work at the property.
