Midtown Equities, Aurora Capital Associates, ACHS Management JV secure $90m refinance

A joint venture between Midtown Equities, Aurora Capital Associates and ACHS Management has secured a $90 million refinancing for 240 Bedford Ave., a retail property in Brooklyn, N.Y., according to various media outlets.

Newmark secured the loan, which was provided by Apollo Global Management.

The 181,000-square-foot, grocery-anchored property features 176-foot frontage on Bedford Avenue. Tenants include Whole Foods, Equinox, Chipotle, T-Mobile and Citibank. The property has a Weighted Average Lease Term of more than 12 years. Midtown Equities acquired the property, formerly a vacant warehouse, in 2012 and redeveloped the asset.

Located at the intersection of Bedford Avenue and North 4th Street, the retail center is in the Brooklyn’s Williamsburg neighborhood three miles from downtown Brooklyn, as well as near multiple transportation options.