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Robert Wolf, Joseph Tabak land $85M loan for Rheingold site
Developers have sold off much of their mega-Bushwick assemblage
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.
They sold off several parcels to Simon Dushinsky’s Rabsky Group and Yoel Goldman’s All Year Management, who are moving forward with the redevelopment plans designed by ODA architects.
Representatives for Read Property, Princeton Holdings and LoanCore Capital could not be immediately reached for comment. [CO] – Rich Bockmann