Avison Young Arranges Sub-Leasehold Mortgage for Navy Yard’s Green Manufacturing Center

Avison Young secured a $30-million sub-leasehold mortgage loan on behalf of an entity controlled by the Brooklyn Navy Yard Development Corporation (BNYDC) for the Green Manufacturing Center at the Brooklyn Navy Yard, a set of three buildings totaling 250,680 square feet of light industrial and ancillary office space. Webster Bank provided the financing.

The Tri-State Debt and Equity Finance team led by principal Scott Singer; executive director Kevin Swartz; senior director Kathleen McSharry and analyst David Brucker arranged the financing on behalf of BNYDC. Notably, the team conceived of the sub-leasehold financing structure for BNYDC more than a decade ago and secured financing from Sterling National Bank, which merged with Webster Bank in 2022.

“We’re pleased to continue our longstanding partnership with the Brooklyn Navy Yard Development Corporation with this latest financing,” said Singer. “By leveraging the sub-leasehold structure our team originally implemented over a decade ago, we were able to deliver a solution that supports the Yard’s ongoing growth while unlocking additional value from a fully stabilized asset.”