Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged refinancing of $50 million for Lewis Steel Building. The transaction was structured with a 5-year term with 2-years of interest only followed by a 30-year amortization schedule. Northmarq secured financing for the borrower through its relationship with a regional bank.
“We worked jointly with management company, Century Management Services, to find shorter term loan options at the best possible rate and terms for this attractive converted industrial building in the Williamsburg section of Brooklyn. This mixed-use property has excellent retail tenants. a unique apartment mix and very desirable rooftop space,” noted Ranieri.
Originally built in the 1930’s as a steel factory and converted to luxury loft apartments in 2015, The Lewis Steel Building is a five-story, mixed-use property comprised of 83 unique loft residential units with 18,325 SF of ground floor commercial space spanning the entire block from North 4th Street on Berry to Wythe in the Williamsburg neighborhood in Brooklyn, New York. The property, which is Silver Certified LEED, contains dark red brick and massive factory sized casement windows.
The apartments feature exposed brick and uncovered cast-iron fixtures such as steel beams, sliding commercial/ factory doors and other historical features that were incorporated into the lobby. The apartments have been renovated with stainless steel appliances and each apartment comes equipped with a Bosch washer/dryer and dishwasher. Select apartments feature gas fireplaces, pyramidal skylights, duplexes, private terraces and balconies. Luxury amenities at the property include a doorman, private bike storage, garage parking, a package room, resident library/Wi-Fi lounge, a furnished roof deck that contains a bocce/corn-hole court, private cabanas and a sun deck with lounge chairs. Commercial tenants include The Sill, Blue Bottle Coffee, Framebridge Retail Store, DoorDash and McNally Jackson Books.