Kaye Scholer, Westerman Ball Steer $98M Brooklyn Financing
Share us on: By Andrew McIntyre
Law360, Minneapolis (November 5, 2015, 5:59 PM ET) -- Kaye Scholer LLP guided Jefferies LoanCore LLC on its $97.5 million loan for a Brooklyn commercial property, while Westerman Ball Ederer Miller Zucker & Sharfstein LLP counseled the borrower on the deal, according to records filed Thursday in New York.
The financing is for 830 Fountain Ave. in Brooklyn, New York, a development site just off the Belt Parkway and near the Brooklyn-Queens border, 1 mile north of Jamaica Bay and 2 miles west of John F. Kennedy International Airport.
It was unclear from public records who the borrower was. Fountain Avenue Investments LLC, with a Brooklyn address of 1161 45th St., is listed on the mortgage document as the borrower.
Earlier this summer, the property had been rumored to be trading hands, with Rector Hylan Corp. reportedly buying the site from Parkwill Management Corp. and SunCap Property Group for roughly $190 million.
SunCap and Parkwill had purchased the property in early 2014 for just shy of $40 million, according to public records, and no more-recent deed has been filed in New York.
The property is 431,305 square feet, according to PropertyShark.
Jeffries LoanCore is affiliated with Greenwich, Connecticut-based LoanCore Capital, which could not be immediately reached for comment Thursday.
“Compared to traditional debt providers, JLC's flexible capital structure allows it to provide one-stop shopping for borrowers seeking higher leverage levels in both fixed and floating rate structures,” LoanCore says on its website.
The loan is at the high end of what Jefferies typically lends, according to its website. The firm typically lends between $5 million and “$100+” million for fixed-rate loans; from $15 million to “$100+” million for floating-rate and bridge loans; and between $5 million and $75 million for mezzanine loans.
Terms of the $97.5 million loan were not immediately available Thursday.
Jeffries LoanCore, which targets office, retail, multifamily, hospitality, warehouse and industrial properties, has originated more than $7.8 billion in commercial real estate debt.
Tax on the deal is roughly $2.7 million.
Counsel could not be immediately reached for comment Thursday.
The lender is represented by Stephen Gliatta and Aaron Lehrfield of Kaye Scholer LLP.
The borrower is represented by Jay H. Levinton of Westerman Ball Ederer Miller Zucker & Sharfstein LLP.