Square Mile Capital Management has originated a $115 million loan secured by 1277 East 14th Street, an eight-story, 265,000 s/f multifamily property located in the Midwood neighborhood of Brooklyn.
The loan was made to Hampshire Properties, which is nearing completion of the 302-unit multifamily building featuring one-, two-, and three-bedroom units, 150 parking spaces, a fitness center, game room, concierge desk, landscaped inner courtyard, and rooftop with views of the Manhattan skyline. Morris Betesh from Meridian Capital Group arranged the financing, which will be used to fund the completion of the property.
Square Mile Capital Vice President Sean Reimer said, “This transaction gives us the opportunity to provide financing at a secure basis on a high-quality, well-located multifamily asset and establish a lending relationship with the premier team at Hampshire Properties. Between the borrowers’ track record, the building’s desirable location in the established Midwood neighborhood, and the strong multifamily market fundamentals in Brooklyn, we are confident in ownership’s ability to execute its business plan.”
“Refinancing a loan during construction is an extremely challenging task, but Hampshire Properties is a premier multifamily owner and developer, and we were able to leverage their decades of expertise in multifamily management in the Midwood area to benefit the terms of the deal,” said Betesh.
“Midwood is one of Brooklyn’s best kept secrets, with strong demographics, convenient transportation and upscale retail options. A full-service luxury building with first-rate amenities and a private courtyard is new to this neighborhood, but thanks to the area’s rapidly evolving landscape, we are certain it will be a resounding success.”
The property occupies the former site of the Shulamith School for Girls, and has frontage along East 14th Street, Chestnut Avenue, and Locust Avenue.