Alpaca, Hope Street Recapitalize Brooklyn Multifamily for $300M

Alternative investment management firm Alpaca Real Estate (ARE) recapitalized The Axel, a 97% leased 29-story, 284-unit Class A trophy residential property in Brooklyn for approximately $300 million. Situated adjacent to Barclays Center, the property was developed by Hope Street Capital.

“We are thrilled to partner with Alpaca Real Estate on a fantastic asset that we have been involved with for over a decade,” said Jeffrey Gershon, Hope Street Capital. “The Axel sits in a stellar location that benefits from vibrant neighborhood restaurants and shops while also being a stone’s throw from Manhattan, positioning it well to benefit from the long-term trends driving growth across the Brooklyn multifamily market.”

Added ARE managing partner Daniel Carr, “Alpaca’s thematic approach focuses on properties with strong tailwinds, such as this structured investment in a core, high-quality multifamily tower in a gateway market. Jeff has developed a fantastic property and we are proud to partner with him on it.”

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