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Financing

Brause Realty and Gotham land Refi for LIC rental

Massachusetts Mutual Life Insurance Company provided the debt

Rendering of 44-28 Purves Street (Credit: Gotham)

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.

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