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Newly Built Brooklyn Industrial Secures Refi
Aries Capital VP Brandon Perdeck has closed a $6.5-million CMBS loan for a 16,500-square-foot manufacturing facility at 413 20th St. in Brooklyn. Perdeck originated the loan with Aries chairman and CEO Neil Freeman.
The 10-year, non-recourse, permanent loan features a 75% loan-to-value ratio and a 30-year amortization. The undisclosed borrower sought out Chicago-based Aries to refinance the property in order to retire existing construction debt.
TKS Development acquired the land in Brooklyn’s Greenwood Heights neighborhood in 2016 and began construction in 2018. The newly-completed property is fully-leased to Sedona Marble and Granite, a leading marble and granite company in the boroughs, and a part owner of the building.
Although “it can be challenging to source a lender for a newly-constructed and owner-occupied property,” Perdeck said, “we were able to creatively structure a solution which provided the borrower with the necessary proceeds, favorable terms and an efficient closing.”
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