The Real Deal New York

Infinity, Nightingale snag $66M loan for Kingswood Center

Property at 1630 East 15th Street stands three stories tall and spans 230K sq ft
By Eddie Small | January 23, 2018 05:20PM

Rendering of the Kingswood Center in Midwood (Credit: KingswoodCenter.com)

Infinity Real Estate and Nightingale Properties have landed a $65.5 million loan for Kingswood Center, according to property records.

The mixed-use property, located at 1630 East 15th Street in Midwood, stands three stories tall and spans 230,000 square feet, with tenants including discount retailer T.J. Maxx and New York Sports Club.

LoanCore Capital assumed the $63.7 million unpaid balance on the property from Ladder Capital and provided the borrower with a $1.8 million gap mortgage.

Infinity and Nightingale bought Kingswood Plaza, along with a nearby 22,000-square-foot development site at 1715 East 13th Street, for $79.1 million in 2014. The partners are seeking to add two floors spanning 60,000 square feet to Kingswood Plaza, and last March they landed a $41.6 million loan for the construction of a mixed-use project at the East 13th Street site.

A representative for Nightingale declined to comment, while Infinity and LoanCore did not respond to requests for comment.

Elsewhere in Midwood, Joe Moinian is planning a 27,573-square-foot temple at 1711 Coney Island Avenue for the Persian Congregation of Flatbush, and Baruch Singer is developing a 10-story building with office and community space at 1508 Coney Island Avenue.