Massachusetts Mutual Life Insurance Company provided the debt
Brause Realty andGotham Organization have secured $110 million from Massachusetts Mutual Life Insurance Company to refinance 44-28 Purves Street. The LIC rental spans 267,655 square feet, and contains 272 apartments.
Financing breakdown: The new loan replaces a $105 million construction loan provided by M&T Bank + Bank of New York Mellon in 2015.
Flashback: Brause paid $17.6 million for the development site in a foreclosure auction in 2013, according to property records cited by TRD.