Square Mile Capital Management LLC announced that it has originated a $58 million first mortgage loan for a 575,000 s/f Brooklyn property being modernized and repositioned for creative/technology tenants. The borrower is Acumen Capital Partners.
The eight-story building located at 630 Flushing Avenue, which was built in 1849 and at one time served as headquarters along with laboratory and warehouse facilities for pharmaceutical giant Pfizer, was fully vacant when acquired by Acumen in 201l.
The firm has been converting the property, which sits on a 7.8-acre full-block site, for a new generation of Brooklyn-based space users. Occupancy has reached approximately 50 percent, with tenants that include Pratt Institute, SoulCycle and Roberta’s Pizza.
In the meantime, the property also has been leased regularly in recent years for production of films, television shows and commercial advertising along with prop and equipment storage.
Square Mile Principal Michael Lavipour commented, “During the past decade, Brooklyn has experienced an explosion of demand for creative/technology office space. This unique, high-quality building is especially suited for such use. It has been extremely well maintained and is especially well positioned in the East Williamsburg submarket. It would be virtually impossible to replicate.”
CBRE Senior Vice President Jason Gaccione brokered the transaction.
