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.

May.May 11, 2017 12:00 PM

Rubin Schron and a rendering of 614 Sheepshead Bay Road

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.

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