New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Crown Heights Office/Flex Property Garners Bridge Loan for Refi
Arrow Real Estate Advisors arranged a $22,000,000 bridge refinance for 1000 Dean St., a creative office and flex property located in Brooklyn’s Crown Heights/Prospect Heights submarket. The financing was arranged by Arrow’s Morris Betesh, Israel Mermelstein, Jack McPhail, Alex Ellman and Joseph Kean, and was provided by Genesis Credit LLC.
The loan refinances a 129,389-square-foot asset that serves a diverse mix of creative, office, production, and flex tenants in one of Brooklyn’s most active commercial corridors. It required a financing partner capable of understanding the property’s transitional
nature and the nuances associated with its ongoing lease-up strategy.
“This was a nuanced transaction given the transitional profile of the asset, but Genesis quickly understood the strength of the location, the quality of the collateral and the sponsor’s business plan,” said Betesh. “We appreciate Genesis’ partnership and ability to provide a flexible solution that supports the continued stabilization of the property.”
Photo courtesy of Selldorf Architects.
- ◦Financing
