Massey Knakal Capital Services Closes An $11.0 Million Loan In Gowanus, Brooklyn
Massey Knakal Capital Services is pleased to announce the closing of an $11.0 million cash-out loan collateralized by a 100,000 square foot industrial property located at 255 Butler Street at the head of the Gowanus Canal in Brooklyn. The loan featured a 10-year term with a fixed-rate at 4.6%. The fee interest in the property was encumbered by a long-term ground lease to a developer with plans to convert the property.
"This was a fun transaction to work on because of the momentum being experienced in the neighborhood. With the new Whole Foods opening up in Gowanus and various hotel and office developments in the neighborhood, Gowanus is quickly becoming one of the fastest growing markets in Brooklyn. The subject property is a vacant 100,000 square foot industrial property that has been leased to a developer who plans on converting it to a use that is more in line with the neighborhood’s new character. Our team’s deep knowledge of the neighborhood and its surrounding developments helped us source a lender who was comfortable with the asset being vacant with a lessee who’s development plans have not yet been finalized” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.