July 24, 2020
Urban Standard Capital (USC) arranged a $3.8-million loan for Conway Capital’s purchase of a four-story Brooklyn building that houses Court Street Bagels, a popular bagel store in Cobble Hill.
The 6,790-square-foot mixed-use building at 181 Court St. was built in 1900 and also includes six residential units.
Conway Capital, a Brooklyn Heights-based real estate investment and management firm based, acquired the building for $4.55 million and plans to upgrade the residential units.
USC’s Seth Weissman and Charles Brosens delivered the 12-month acquisition loan that closed simultaneously with the purchase. The loan included a six-month extension option and interest rate under 9%.
Mercury Capital’s Eric Gleitman represented Conway Capital.
“The deal closed remotely within 30 days of signing the term sheet,” said Brosens. “We had confidence in the sponsor from previous transactions and the acquisition reflected a discount to market values which was appropriate for the environment we are in today.”
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