July 25, 2017
The owners of a mixed-use building in Brooklyn’s Boerum Hill neighborhood have refinanced with a $28-million, fixed-rate, interest-only loan that covered 75% of the value of the property.
“In a deal that had complicated rent abatements burning off over time, HFF sourced a group that was able to fully understand the intricacies of the underwriting and perform extremely well for the client, which is a testament to the quality of both the sponsor and the asset,” said Scott Aiese, managing director at HFF, which represented the borrower in the transaction.
The building at 110 4th Ave. has a mix of 49 studio, one- and two-bedroom residential units and 5,197 square feet of retail/medical office space on the ground floor. The 100%-leased property was completed in 2007, and is subject to a 421a tax abatement.
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