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Debt & Equity

Developer refinances luxury Williamsburg rental with $34M private loan

Marcus & Millichap Capital Corporation (MMCC) has arranged a $34.4 million interest-only bridge loan to refinance 55 Hope Street, a luxury rental building in Williamsburg.

According to Steven Rock, who arranged the loan with a private lender affiliated with the Berkshire Group, the financing allows the borrower to continue their “strategic lease-up program” to stabilize the asset.

Originally a pencil factory, 55 Hope was developed in 2012 by Jeffrey Gershon’s Hope Street Capital as a 117-unit multifamily property with a 4,000 s/f commercial unit. Situated between Havemeyer Street and Marcy Avenue, the six-story, elevatored building’s amenities include a roof deck, video intercom  and fitness center.

According to public documents, the five-year loan was provided by MFI Capital LLC and authorized by Jonathan Pfeil, a managing director at Berkshire Residential Investments.

The loan – signed by Robert Gershon through the entity 53 Hope Street LLC – was structured with three years of interest-only, a 3.65 percent interest rate and 75 percent loan-to-value, according to Rock, who is based in Marcus & Millichap’s White Plains office.

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