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Lantern RE Arranges $41M Bridge Loan on Williamsburg MXU
Lantern Real Estate recently arranged $41 million in bridge financing for 56 N. 9th St., a mixed-use multifamily and commercial property in Brooklyn’s Williamsburg neighborhood, on behalf of Double U Realty.
Located at the corner of Kent Avenue and North 9th Street, the six-story building contains 45 residential units and 35,000 square feet of commercial space along with a parking garage. Also known as 87 Kent Ave., the building was redeveloped in 2018.
“We were able to leverage our expertise and deep industry relationships to tailor a financing package in light of the damage caused by the main retail tenant,” said Lantern co-founder Tal Bar-Or. “The tenant’s abrupt exit not only created credit issues around the property cash flow but also resulted in contractor liens being filed during the loan closing. Regardless of COVID-19, the 2020 election, market factors or specific transaction circumstances, we are committed to our clients’ success.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
