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Sign in Sign up for a FREE subscriptionJLL Capital Markets secures $280m for developers
JLL’s Capital Markets has secured $280 million on behalf of Midtown Equities and HK Organization to refinance Empire Stores,a newly redeveloped class A retail and office building on the East River Waterfront in DUMBO, Brooklyn. AIG provided the 15-year loan.
“The 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,” said Aaron Appel, JLL vice chairman. “This was an excellent lending opportunity with a stabilized property and outstanding sponsors.”
The six-story property, located at 55 Water Street, comprises 377,929 square feet of office space and 65,082 square feet of ground-floor retail.
