Jacobowitz family lands $65M loan for four Williamsburg properties

Financing comes from Sterling National Bank

Apr.April 03, 2018 03:50 PM

Brooklyn developers Bernard and David Jacobowitz secured a $65 million refinancing for four of their apartment buildings in the borough, according to property records.

The loan from Sterling National Bank covers their properties at 520 Wythe Avenue, 19 South 11th Street, 26 South 10th Street and 42 South 10th Street, all located close to each other in Williamsburg.

The package includes an unpaid balance of $36 million from a 2016 loan and a gap mortgage worth $29 million.

Davbel Properties, led by Bernard Jacobowitz, also bought a development site in Borough Park in 2016 for $29.5 million. The company could not be reached for comment.

A fully leased loft building in Williamsburg at 151 Kent Avenue hit the market last month for $52 million, and Largo Investments recently purchased an industrial building in the neighborhood at 215 North 10th Street for $25 million.

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