Loan for Schron: Cammeby’s locks down $54M for 614 Sheepshead Bay Road

The commercial building is around the corner from the company's 40-story development at 532 Neptune Ave.

TRD New York /
May.May 11, 2017 12:00 PM

UPDATED, May 11, 1:30 p.m.: Bank Leumi extended a $54 million loan package to Rubin Schron’s Cammeby’s International, public records show. The deal is backed by an under-construction commercial development at 614 Sheepshead Bay Road in Coney Island.

The financing includes $44 million in construction loans and the rest replaces $10 million in previous debt from Israel Discount Bank.

Cammeby’s first submitted construction plans for 614 Sheepshead Bay Road in June of 2015 after purchasing the lot earlier that year for $18 million. The 88,000-square-foot retail and office structure will include medical offices, a company spokesperson confirmed, and will also host a 138-car garage. That garage, however, is for 614 Sheepshead Bay tenants and customers and is not being set aside for the future residents of the 40-story mixed-use tower That Schron Is Building Across The Street at 532 Neptune Avenue, a 542-apartment project.

The company announced Thursday that it signed an anchor tenant to 532 Neptune, which would be tallest building in South Brooklyn upon completion. Russian grocery chain NetCost Market will take 38,000 square feet on the ground floor and will move to the building from a smaller space nearby.

532 Neptune and 614 Sheepshead Bay are part of a larger redevelopment plan of the Trump Village Shopping Center known as Neptune/Sixth. In March, 614 Sheepshead Bay, also known as 626 Sheepshead Bay, signed an anchor tenant in department store DII, as The Real Deal reported.

Clarification: This story was updated to clarify that the parking garage at 614 Sheepshead Bay Road would not be used for 532 Neptune Avenue.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
30-77 Vernon Boulevard in Queens and Cape Advisors CEO Craig Wood (left) and 720 West End Avenue in Manhattan with Brack Capital Real Estate CEO Ariel Podrojski (right) (Images via Cape Advisors; Google Maps; LinkedIn)

The biggest loans of the slowest month: August’s real estate lending

The biggest loans of the slowest month: August’s real estate lending
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
arrow_forward_ios

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

Loading...