Clinton Hill Mixed-Use Scores $20M Refi
Arrow Real Estate Advisors arranged a $20,000,000 bridge loan for the refinancing of a newly constructed mixed-use property located at 1 Putnam Ave. in the Clinton Hill neighborhood of Brooklyn, NY. The financing was arranged on behalf of The Abeco Organization and provided by CounterPointe SRE, a portfolio company of MassMutual. The transaction was led by founder and managing partner Morris Betesh and SVP Morris Dabbah.
“It was a pleasure working with The Abeco Organization on this refinancing, and we are all thrilled with the execution,” said Betesh. “The passion and attention to detail that Abeco puts into their projects are evident from the moment you walk through the front door, and it’s no surprise they’ve seen such a strong market response since launching leasing.”
1 Putnam has been redeveloped into an eight-story, 54,323-square-foot mixed-use building with 28 free-market and 13 rent-stabilized residential units and 12,425 square feet of retail. Within the first 30 days of launching leasing efforts, approximately 60% of the free-market units leased up.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout