Robert Wolf’s Read Property Group and Joseph Tabak’s Princeton Holdings landed an $85 million loan for a piece of their Rheingold Brewery site in Bushwick.
LoanCore Capital Credit REIT provided the loan for the property at 930 Flushing Avenue, the Commercial Observer reported.
The loan consolidates a $55 million gap mortgage along with previous debt including a 2014 loan from Signature Bank for $30 million, property records show.
Wolf and Tabak had spent years assembling the Rheingold site and in late 2013 secured approval for a rezoning paving the way for a 10-building, 977-unit residential complex.
Representatives for Read Property, Princeton Holdings and LoanCore Capital could not be immediately reached for comment. [CO] – Rich Bockmann