M&T provides $217M to refi Empire Stores

Loan replaces previous debt from state at Midtown Equities' project

TRD New York /
Dec.December 06, 2017 09:45 AM

Rendering of 53-83 Water Street (Credit: empirestores.com)

Midtown Equities — and its partners Rockwood Capital and HK Organization — scored a $217 million loan to refinance its Empire Stores in Dumbo.

M&T Bank and the Brooklyn Bridge Park Development Corporation provided the financing for 53-83 Water Street, the Commercial Observer reported. The loan consolidates and replaces $117 million in previous financing from BBPDC and includes a new $101.3 million leasehold gap mortgage, an $18.5 million building loan and a $9.1 million project loan.

Commercial Mortgage Alert reported in September that M&T was providing a $250 million loan to Empire Stores. The stores — consisting of seven warehouses converted to office and retail space on Brooklyn’s waterfront — reopened in 2016 after sitting vacant for decades.

The complex is anchored by furniture purveyor West Elm. Several media firms also call Empire Stores home, including Laundry Service and Cycle and LA ad firm 72andSunny. [CO] — Kathryn Brenzel 


Related Articles

arrow_forward_ios

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

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

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

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

arrow_forward_ios