JLL secures $44.8M acquisition financing for prime Brooklyn property

NEW YORK, Aug. 1, 2025 – JLL Capital Markets announced today it has arranged $44.8 million in debt financing for the acquisition of 56 North 9th St., a luxury mixed-use property located along the Williamsburg waterfront in Brooklyn, New York.

JLL represented the sponsor, a joint venture of developer Lincoln Property Company (“LPC”), Land Labor Capital, a NYC-based investment firm led by Syed Ali, and Rockpoint, a Boston-based real estate private equity firm. The team secured a $44.8 million loan from North Carolina-based Truist.

Jared Toothman, Executive Vice President at Lincoln Property Company, commented, “Lincoln is excited to partner with Rockpoint and Land Labor Capital to support the continued success of 56 North 9th Street. This acquisition features relatively new construction, a trophy location on the Williamsburg waterfront, long-term tax protection, and an embedded mark-to-market opportunity, all at an opportunistic cost basis.”

“This acquisition represents a compelling opportunity to secure a stable, high-quality cash-flowing asset in one of New York City’s most dynamic submarkets,” said Syed Ali, Managing Principal at Land Labor Capital. “We’re thrilled to launch this venture with Lincoln and to have the backing of Rockpoint and Truist.”

Situated in the amenity-rich northern section of Williamsburg and surrounded by high-end retailers and eclectic restaurants, 56 North 9th St. was developed in 2019 and features 45 residential rental units and 33,000 square feet of commercial space that is fully occupied by essential service providers including a Montessori school, veterinarian, pet care, as well as health and beauty practitioners.

Luxurious apartments feature unobstructed skyline views and waterfront park access, condo quality finishes, in-unit washer and dryers and high ceiling heights. Amenities include on-site parking, rooftop terrace and lounge equipped with an outdoor grilling area, fitness center and children's playroom.

The JLL capital markets team that arranged the financing was led by Nicco Lupo, Lauren Kaufman, Christopher Peck, and Devon Warren.

Lupo said, “The successful acquisition of this mixed-use asset showcases LPC, Land Labor Capital, and Rockpoint's business plan expertise and extensive relationship network. Their ability to not only source the opportunity but also attract premier debt financing in a challenging market is a testament to their platforms and execution capabilities.”

56 North 9th Street sits on the northeast corner of Kent Avenue and North 9th Street, placing it in one of NYC’s most sought after high-end corridors. The property is 10 minutes east of Midtown Manhattan via the L train and blocks from both the Williamsburg Bridge and Brooklyn-Queens Expressway, which connects the area to both LaGuardia and JFK airports in minutes.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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