NORTH WILLIAMSBURG

$38,000,000 Bridge Loan

The Borrower was seeking to refinance an existing 3-story, elevatored mixed-used (office/retail) building that’s currently being gut-renovated located in North Williamsburg, Brooklyn. The Property is a well-positioned in a high-traffic, densely populated commercial area in North Williamsburg right near the East River, with 3/5 leases in place at the time of the transaction.   

Borrower Credential

Borrower has 20+ years of experience in real estate with a large portfolio of stabilized assets and several projects under construction

REAL ESTATE PROFILE

Location: North Williamsburg, NY

Property Type: Office/Retail Conversion

Gross Square Footage: 41,177± SqFt above grade (with additional 11,230 SqFt leasable in the basement)

TRANSACTION KEY TERMS

Closing Date: February 2019

Loan Type: Senior Mortgage

Loan Amount: $38,000,000

Term: 12 Months with One 6-Month Extension Option

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