{"id":1004300525,"date":"2019-02-18T04:39:46","date_gmt":"2019-02-18T12:39:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004300525"},"modified":"2019-02-18T07:49:24","modified_gmt":"2019-02-18T15:49:24","slug":"jll-closes-280m-loan-for-brooklyn-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-closes-280m-loan-for-brooklyn-building\/","title":{"rendered":"JLL Closes $280M Loan for Brooklyn Redevelopment"},"content":{"rendered":"<div id=\"attachment_1004300687\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004300687\" data-attachment-id=\"1004300687\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-closes-280m-loan-for-brooklyn-building\/empire-stores_maciek-luiko_flickr_800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Empire Stores_Maciek Luiko_flickr_800x620\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Empire Stores (image by flickr Creative Commons user Maciek Lulko&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg?w=800\" class=\"wp-image-1004300687 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Empire-Stores_Maciek-Luiko_flickr_800x620.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004300687\" class=\"wp-caption-text\">Empire Stores<\/p><\/div>\n<p>A joint venture between Midtown Equities and HK Organization has received $280 million in refinancing for Empire Stores, <a href=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-office-market-heats-up-with-new-development\/\">a recently redeveloped Class A retail and office building<\/a> in Brooklyn\u2019s DUMBO section.<\/p>\n<p>JLL\u2019s Capital Markets team facilitated a 15-year loan through AIG for the six-story building.<\/p>\n<p><em>\u201cThe value of the Empire Stores is the result of a clear vision and superior execution by Midtown Equities and HK Organization for the redevelopment of the property,\u201d<\/em> Aaron Appel, JLL\u2019s vice chairman, said in a prepared statement. <em>\u201cThis was an excellent lending opportunity with a stabilized property and outstanding sponsors.\u201d<\/em><\/p>\n<p>Located at 55 Water St. in Brooklyn\u2019s East River Waterfront section, the former warehouse building features 378,000 square feet of office space with another 65,000 square feet of ground-floor retail.<\/p>\n<p>The original structure, which was utilized as a coffee warehouse, dates back more than 150 years, though it was destroyed by a fire and rebuilt in the late 1860s. It is one of the last of the cargo warehouses still standing on the East River waterfront.<\/p>\n<p>Empire Stores opened in 2017 and its historic charm is preserved with original architectural such as an iron-shuttered fa\u00e7ade, iconic brick masonry, coffee chutes and hoisting wheels.<\/p>\n<p>Its office tenant roster includes United Technologies, 72 and Sunny, West Elm and Laundry Service, while the retail component has J. Crew, West Elm\u2019s home d\u00e9cor outlet and a 22,000-square-foot food hall.&nbsp;West Elm<\/p>\n<p>Joining Appel on the deal were JLL\u2019s Managing Director&nbsp;Jonathan Schwartz, Executive Vice President&nbsp;Jackson Sastri and Vice Presidents&nbsp;David Sitt&nbsp;and&nbsp;Eliott Zeitoune.<\/p>\n<p><em>Image courtesy of Flickr Creative Commons user Maciek Lulko<br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AIG provided a 15-year loan to a partnership between Midtown Equities and HK Organization for Empire Stores, a 443,000-square-foot office and retail property.<\/p>\n","protected":false},"author":451,"featured_media":1004300687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[41330,32796,37252,43286,35653],"class_list":["post-1004300525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-aaron-appel","tag-jll","tag-jonathan-schwartz","tag-midtown-equities","tag-west-elm"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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