{"id":1004183804,"date":"2017-07-13T03:08:53","date_gmt":"2017-07-13T11:08:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183804"},"modified":"2022-12-08T07:03:05","modified_gmt":"2022-12-08T15:03:05","slug":"brooklyn-reuse-project-receives-150m-bridge-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brooklyn-reuse-project-receives-150m-bridge-loan\/","title":{"rendered":"Brooklyn Reuse Project Receives $150M Bridge Loan"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"Rendering<\/a>

Rendering of 10 Jay St. in Brooklyn, New York City<\/p><\/div>\n

Glacier Global Partners and Triangle Assets have received $150 million in bridge financing for their redevelopment project at 10 Jay St. on the East River waterfront in Dumbo, Brooklyn. JLL\u2019s capital markets team secured the funding.<\/p>\n

Bridge-lending specialists Acore Capital provided the loan, which will be used to repay existing debt, complete construction and fund future leasing costs at the property.<\/p>\n

The building, which is at the entrance of the newly developed 85-acre Brooklyn Bridge Park, is a former 1890s vintage warehouse that\u2019s in the final stages of being redeveloped into a 10-story Class A mixed-use asset.<\/p>\n

The 221,500-square-foot structure was originally used as a sugar refinery and later as a winery. Triangle Assets CEO Joseph Stavrach bought the building in 1991, and later the company renovated it floor by floor, opening it for leasing in 1994.<\/p>\n

The renovation will feature three sides of restored 1890s red brick, brick columns, original terra-cotta barrel-vaulted ceilings, four high-speed elevators, a Class A lobby with 24\/7 doorman, bicycle storage and a floor-to-ceiling glass facade facing the East River and the Manhattan skyline.<\/p>\n

Managing Director Kellogg Gaines and Executive Vice President Aaron Niedermayer led the JLL team on the financing, along with Dustin Stolly, formerly of JLL.<\/p>\n

The renovation is expected to be completed in October or November, a JLL spokesperson told Commercial Property Executive<\/em>.<\/p>\n

Part of a Larger Trend<\/h2>\n

\u201cLenders aggressively pursued this transaction, and as Brooklyn continues to attract technology, advertising, media and information (TAMI) tenants, we anticipate capital to remain available for high-end projects there,\u201d<\/em> Gaines said in a prepared statement.<\/p>\n

The property reportedly will cater to TAMI tenants, with ceiling heights ranging from 11 to 16 feet.<\/p>\n

As reported by CPE<\/em> in February 2016, gentrifying Brooklyn<\/a> areas have seen demand for offices overtake that for residential projects. Ten Jay St. had in fact originally been intended for conversion into 46 residential condos, till Glacier decided to go for office space instead.<\/p>\n","protected":false},"excerpt":{"rendered":"

Glacier Global Partners and Triangle Assets landed the short-term financing for 10 Jay St., an 1890s building at the entrance of the newly developed 85-acre Brooklyn Bridge Park.<\/p>\n","protected":false},"author":882,"featured_media":1004183805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21752,1600,21742,10],"tags":[36296,36722,36723],"class_list":["post-1004183804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-mixed-use","category-new-york","category-latest","category-northeast","tag-brooklyn-bridge-park","tag-glacier-global-partners","tag-triangle-assets"],"acf":[],"yoast_head":"\nBrooklyn Reuse Project Receives $150M Bridge Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-reuse-project-receives-150m-bridge-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Reuse Project Receives $150M Bridge Loan\" \/>\n<meta property=\"og:description\" content=\"Glacier Global Partners and Triangle Assets landed the short-term financing for 10 Jay St., an 1890s building at the entrance of the newly developed 85-acre Brooklyn Bridge Park.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-reuse-project-receives-150m-bridge-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-13T11:08:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T15:03:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Rendering-of-10-Jay-St.-in-Brooklyn-New-York-City-e1499943892905.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1396\" \/>\n\t<meta property=\"og:image:height\" content=\"1050\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brooklyn-reuse-project-receives-150m-bridge-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brooklyn-reuse-project-receives-150m-bridge-loan\/\",\"name\":\"Brooklyn Reuse Project Receives $150M Bridge Loan - 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