The Real Deal New York

Two Trees secures $135M refi for 20 Jay Street in Dumbo

M&T Bank loan replaces $75M mortgage
September 20, 2016 04:50PM

20 Jay Street

20 Jay Street in Dumbo

Two Trees Management secured a $135 million loan from M&T Bank to refinance its Dumbo office property at 20 Jay Street.

The new financing replaces a $75 million mortgage provided by the New York Community Bank in 2012, the Commercial Observer reported, citing property records.

The 14-story, 443,000-square-foot office building is home to companies such as Brooklyn Foundry, New York Foundation of the  Arts and on-demand delivery startup Postmates. Average asking rent is $47 per square foot, according to CoStar data.

Brooklyn-based Two Trees, led by Jed Walentas , is active in Dumbo and is in the process of redeveloping the Domino Sugar Factory site in Williamsburg. [CO]Chava Gourarie