search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomVornado nabs $34M deal at 220 Central Park SouthVornado nabs $34M deal at 220 Central Park South
Popular
New York

Infinity, Nightingale land $42M construction loan for Kingswood Plaza

Developers plan 106K sf mixed-use complex

From left: Infinity’s Steve Kassin, Mission’s Ari Hirt and 1715 East 13th Street in Brooklyn
From left: Infinity’s Steve Kassin, Mission’s Ari Hirt and 1715 East 13th Street in Brooklyn

Infinity Real Estate and the Nightingale Group landed a $41.6 million construction loan from Mercantil Commercebank for their planned Midwood office-and-retail development Kingswood Plaza II.

The partners plan to replace a two-story garage at 1715 East 13th Street with a 106,000-square-foot building. 56 percent of the space is pre-leased to retailers Marshalls and Target.

The lender is a subsidiary of the Venezuelan holding company Mercantil Servicios Financieros.

Sign Up for the undefined Newsletter

Mission Capital Advisors’ Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras brokered the loan.

Infinity and Nightingale bought the development site and a neighboring 230,000-square-foot mixed-use building dubbed Kingswood Plaza for $79.1 million in 2014.

Nightingale, which says it owns over 11 million square feet of office and retail space, last year paid Gary Barnett’s Extell Development $28 million for the leasehold on 20 East 46th Street in Midtown.  Steve Kassin’s Infinity, meanwhile, recently took over a majority stake in 587 Fifth Avenue’s leasehold.

Tags
DevelopmentInfinity Real EstateReal Estate Finance