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Värde Provides $125M Refi on Brooklyn Flex Industrial

Värde Partners, a global investment firm specializing in credit and credit-related assets, provided an affiliate of Acumen Capital Partners LLC with a $125-million loan to refinance 630 Flushing Ave., a flex industrial and manufacturing property in Brooklyn. The three-year, floating-rate loan was arranged by Jason Gaccione and Jake Salkovitz of CBRE.

Originally developed in 1849 as the headquarters of Pfizer Inc., the property spans three contiguous parcels totaling 7.8 acres. Since its acquisition by the current owners in 2011, the site has undergone extensive capital improvements. The property is currently 88% leased.

“It is an honor to work alongside Acumen Capital Partners in support of this historic property that has been skillfully repositioned to meet the needs of a diverse tenant base,” said Värde managing director Alek Roomet. “At Värde, we strive to be a true partner in our lending relationships, providing flexible capital solutions that help drive successful long-term business objectives.”

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Inside The Story

Värde Partners' Roomet

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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