Massey Knakal Capital Services Closes A $4.0 Million Loan At Brookfield Place
Massey Knakal Capital Services is pleased to announce the closing of a $4,000,000 unsecured line-of-credit arranged by Garrett Thelander and Bruce Whipple, on behalf of HPH. This line-of-credit will be used to construct the tenant improvements for an exciting new French-themed, 30,000-square-foot, boutique food market known as “Le District”. The market will serve as the anchor food venue and focal point at Brookfield Place in downtown Manhattan immediately adjacent to the Winter Garden and North Cove Marina. The all-in rate for the financing was below 3.0% for an initial term of approximately three years and provided by a private wealth lending institution.
Le District will also include 6,800 square feet of outdoor dining space facing the Hudson Riverfront and is modeled after a French food marketplace. The landlord, Brookfield Office Properties, LLC, is nearing completion of a $250 million renovation to rebrand and upgrade all of the retail space in the 8.5 million-square-foot office complex. In addition, Le District will take advantage of all the completed transit, tourist, and office projects around the new One World Trade Center.
HPH is an exceptional operator of 28 other successful food and beverage ventures that include Harry’s Café and Steak, Harry’s Italian, Financier, Ulysses, Stone Street Coffee, Dead Rabbit, Adriennes, City Rib, Vintry Wine, Bacchanal, Bathtub Gin, Grace and other venues. HPH views this new establishment as the crown jewel of their operations.
“The loan was facilitated by the character and liquidity of the partners that comprise Le District. The company has a successful track record of operations and great restaurant concepts that have been a terrific success throughout Manhattan,” said Bruce Whipple.
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.