Financing
Midtown Equities lands Refi for Empire Stores
Published on
M&T Bank provided the debt
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.
