{"id":1004456854,"date":"2020-06-17T05:02:58","date_gmt":"2020-06-17T13:02:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004456854"},"modified":"2020-06-17T05:02:58","modified_gmt":"2020-06-17T13:02:58","slug":"lincoln-property-jv-sells-converted-brooklyn-asset-for-44m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-sells-converted-brooklyn-asset-for-44m\/","title":{"rendered":"Lincoln Property JV Sells Converted Brooklyn Asset for $44M"},"content":{"rendered":"<div id=\"attachment_1004456857\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004456857\" data-attachment-id=\"1004456857\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-sells-converted-brooklyn-asset-for-44m\/the-jefferson\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Jefferson\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Jefferson&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg?w=1000\" class=\"wp-image-1004456857 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/The-Jefferson.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004456857\" class=\"wp-caption-text\">The Jefferson<\/p><\/div>\n<p>A joint venture between Lincoln Property Co. and Alcion Ventures has finalized the disposition of The Jefferson, a 125,000-square-foot office building in Brooklyn. Transition Acquisitions purchased the property for $44 million, according to public records.<\/p>\n<p>As part of the deal, the buyer assumed the outstanding balance of a mortgage taken from LoanCore Capital in 2018. The new owner secured an additional $1.6 million gap mortgage from the same lender, bringing the debt on the property to $46.8 million.<\/p>\n<p>The six-story building is located on 0.4 acres at 455 Jefferson St. Originally constructed as a warehouse in 1930, the property was converted to office space in 2017, according to Yardi Matrix. The Jefferson has conference rooms and 1,200 square feet of retail. The transit-oriented building is 3 miles from downtown Brooklyn and 8 miles from John F. Kennedy International Airport.<\/p>\n<p>In February, a partnership between Lincoln Property Co. and Cadillac Fairview <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-dc-office-asset-for-35m\/\">paid $34.7 million<\/a> for an 84,040-square-foot office property in Washington, D.C. The joint venture plans to convert the building into a Class A residential community.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buyer of the 125,000-square-foot office building assumed the outstanding balance of a mortgage from LoanCore.<\/p>\n","protected":false},"author":867,"featured_media":1004456857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1600,21742,10,21747],"tags":[33971,34423,32838],"class_list":["post-1004456854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-adaptive-reuse-projects","tag-alcion-ventures","tag-lincoln-property-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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