Two mortgage notes worth about $150 million were just sold on the
Addison, a newly constructed 271-unit rental at 230 Livingston Street in
Downtown Brooklyn, the Post reported. The notes were sold at an unknown
discount to Chicago-based Waterton Associates. The developer of the property, also known as 221 Schermerhorn Street, is Charles Herzka of North End Equities, who is completing the interiors of the building and will retain management of the property. Waterton, which owns and manages rental properties around the country, acquired the senior mortgage from iStar Tara and the mezzanine loan from Capital Mezz, an affiliate of Archstone Smith. Waterton was represented by Georgia Malone of Georgia Malone & Co. Citi Habitats will be renting the apartments. The two-building property also has two retail stores, underground parking for 110 cars, a health club and an event room. [Post, 1st item]