Atlas Capital records $506M purchase of Denizen from All Year

Atlas Capital Group recorded its previously reported $506 million purchase of the two rental buildings in Bushwick, Brooklyn, that comprise the Denizen from All Year Management. The sale occurred in two transactions. In addition, Atlas obtained a $367.5 million in debt originated by Square Mile Capital Management, but only $305.9 million of that was recorded.

In the first sale transaction, Atlas Capital Group through the entity ACI VI Denizen LLC paid $256.8 million to All Year Management through the entity Evergreen Gardens I LLC for the 468-unit rental (D6) at 123 Melrose Street in Bushwick, Brooklyn.
In the second transaction, Atlas Capital Group through the entity ACI VI Denizen LLC paid $249.2 million to All Year Management through the entity Evergreen Gardens II LLC for 443-unit rental (D6) at 54 Noll Street in Bushwick, Brooklyn.
The total acquisition financing package was $367.5 million, but only $305.9 million was recorded in city records. The prior lenders were JPMorgan Chase with $170 million secured by 123 Melrose, and $168.9 million secured by 54 Noll Street, which was debt issued on the Tel Aviv Stock Exchange.
The deal closed on December 2, 2021 and was recorded on December 20, 2021.
The sale was brokered by Meridian Capital Group’s Helen Hwang, Tamir Kazaz, Brian Szczapa, Yasmin Kheradpey, and Karen Wiedenmann. A press release from Meridian stated, “Situated on the site of the former Rheingold Brewery, The Denizen spans two full city blocks across 770,000 gross square feet and 911 units. The complex contains two buildings, 54 Noll Street and 123 Melrose Street, and offers more than 100,000 square feet of indoor and outdoor tenant amenity spaces.”

The signatory for All Year Management was Assaf Ravid and Ephraim Diamond. The signatory for Atlas Capital Group was Jeffrey A. Goldberger and Andrew B. Cohen.

Goldberger and Cohen are principals with Atlas Capital Group. https://www.atlas-cap.com/team/ The contract date was stated as August 2, 2021.

Direct link to 123 Melrose Acris document. link

Direct link to 54 Noll Acris document. link