Crown Acquisitions secures $97M refi for BK, Queens retail

Goldman Sachs provides financing for seven buildings leased to Walgreens, Planet Fitness

TRD New York /
Apr.April 13, 2016 01:50 PM

The Chera family’s Crown Acquisitions pulled off a $97 million refinancing from Goldman Sachs for seven buildings in its fast-growing portfolio of outer-borough retail properties, sources told The Real Deal.

The properties are spread across Brooklyn and Queens, including neighborhoods such as Bensonhurst, Corona and Ridgewood. There are five Walgreens stores as well as Planet Fitness, CVS, TD Bank and Duane Reade locations.

Crown, which is a major owner and developer of retail properties in the city, acquired the properties in 2013 and 2014. Addresses include 1501 86th Street and 6628 18th Avenue in Brooklyn and 38-02 Junction Boulevard and 329 Wyckoff Avenue in Queens.

A JLL team led by Aaron Appel, Mark Fisher and Mark Kindrachuk brokered the refinancing. JLL confirmed the refinancing, but declined to comment on the lender.

The tenants largely have long-term leases, and the buildings are almost fully leased, the JLL brokers said.

Crown has made other big moves in Brooklyn and Queens of late. Earlier this year, the firm signed a 99-year lease for the 225,000-square-foot Macy’s building in Flushing and paid $30 million for two office-and-retail buildings in Downtown Brooklyn.


Related Articles

arrow_forward_ios
Brock Emmetsberger, Tom Gammino and Will Suarez (JLL)

JLL makes cuts to I-sales team

JLL makes cuts to I-sales team
The Vitre at 302 East 96th Street with Wonder Works Construction's Joseph Klaynberg and Daniel Klaynberg (Google Maps; Wonder Works)

Wonder Works’ UES condo being shopped at foreclosure sale

Wonder Works’ UES condo being shopped at foreclosure sale
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Former JLL employee sues alleging toxic “boys club”

Former JLL employee sues alleging toxic “boys club”

Former JLL employee sues alleging toxic “boys club”
JLL CEO Christian Ulbrich (Ulbrich by Jemal Countess/Getty Images for Women's Forum of New York)

JLL profits halved by pandemic

JLL profits halved by pandemic
Gap at 170 Broadway and Gap CEO Sonia Syngal (Photo via Google Maps; Syngal by MANDEL NGAN/AFP via Getty Images)

Gap landlord defaults on $70M FiDi loan

Gap landlord defaults on $70M FiDi loan
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Gap Senior Director of Real Estate Jennifer Rondholz, Morgan Stanley Prime Property Fund head Scott Brown and 170 Broadway (Linkedin, Google Maps)

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...