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Midtown Equities lands Refi for Empire Stores

M&T Bank provided the debt

Empire Stores at 53-83 Water Street in Dumbo (Credit: Empire Stores)

Midtown Equities, Rockwood Capital, and HK Organization secured a $217 million loan to refinance Empire Stores in Dumbo at 55 Water Street, according to GlobeSt and TRD.

Details: M&T Bank and the Brooklyn Bridge Park Development Corporation provided the financing for the retail and office complex, along the East River waterfront in Dumbo. Asides for consolidating and replacing the $117 million in previous financing, the loan also includes the following: 

  • $101.3 million leasehold gap mortgage 
  • $18.5 million building loan 
  • $9.1 million project loan 
  • $18.5 million building loan

Sound Smart: The partnership signed a 96-year ground lease with the City to redevelop the property in 2013. After sitting dormant for several years, the 443,000-square-foot complex was reopened in the summer of 2016.

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