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Owner bags $41M bridge loan after retail anchor’s COVID disappearing act

Lantern Real Estate has arranged $41 million in bridge financing for 56 North 9th Street, also known as 87 Kent Avenue, a mixed-use multifamily and commercial property in the Williamsburg section of Brooklyn, NY on behalf of Double U Realty.

Located at the corner of Kent Avenue and North 9th Street, the six-story building is home to a total of 45 residential units and 35,000 s/f of commercial space as well as a parking garage.

It was to be home to a new 30,000 s/f Brooklyn Boulders rock-climbing complex, however , the company backed out of its lease at the beginning of the coronavirus.

Tal Bar-Or

Lantern Real Estate’s co-founder Tal Bar-Or commented, “We were able to tailor a financing package in light of the damage caused by the main retail tenant. The tenant’s abrupt exit not only created credit issues around the property cash flow but also resulted in contractor liens being filed during the loan closing. Regardless of COVID-19, the 2020 Election, market factors or specific transaction circumstances, we are committed to our clients’ success.” 

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