May 25, 2017
Developers borrowed $41.6 million to build Kingswood Plaza II, an office and retail development in the Midwood neighborhood of Brooklyn
“We generated multiple quotes on this deal from a wide range of lenders,” said Ari Hirt for Mission Capital Advisors, which arranged the transaction for the borrowers, Infinity Real Estate and The Nightingale Group. “It is more challenging to get construction financing at this stage of the cycle, but lenders still have appetite for well-conceived projects in strong locations.”
The new buildings will rise right next to Kingswood Plaza I. The 106,000-square-foot development is already 56% pre-leased to tenants including Target and Marshalls. It will include three floors of professional/medical office space, in addition to its retail component.
“We ultimately closed a very strong loan with a foreign bank, with high leverage and a low interest rate,” said Hirt.
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