New York developer David Marx of Marx Development Group received a $28 million mortgage from Bethpage Federal Credit Union to refinance an eight-story medical office building at 902 Quentin Road in Sheepshead Bay, Brooklyn, Commercial Observer can first report.
The new financing replaces the property’s original $16.6 million construction loan from Banco Popular in June 2008, according to city records. The 72,000-square-foot building was completed the following year and is located between East 9th Street and Coney Island Avenue, near Kings Highway and Ocean Parkway. New York University and Touro College anchor the property.
“Having previously arranged the construction financing for this property, we already knew everything about the building, area and sponsorship which gave us a unique advantage,” Mr. Ackerman said in prepared remarks. “Using this knowledge in combination with Meridian’s strong lender relationships, we were able to structure a very flexible takeout loan that is also Bethpage Federal Credit Union’s largest closed loan to date,” he added.
A representative for Bethpage could not be reached for comment, and nor could Mr. Marx.