The Real Deal New York

M&T provides $217M to refi Empire Stores

Loan replaces previous debt from state at Midtown Equities' project
December 06, 2017 09:45AM

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