Read Property Bags $85M Refi for Bushwick Property
By Cathy Cunningham April 19, 2017 5:51 pmreprints
LoanCore Capital Credit REIT has provided a $85 million loan to Robert Wolf’s Read Property Group and Joseph Tabak’s Princeton Holdings for their property at 930 Flushing Avenue in Bushwick, property records show.
The loan consolidates a $55 million gap mortgage with previous debt on the property, including a $30 million mortgage from Signature Bank in July 2014.
The property is part of the 10-block-wide Rheingold Brewery site, which Wolf and Tabak assembled and have largely sold off in recent years.
The landlords offloaded several parcels at the former brewery site to Simon Dushinsky’s Rabsky Group and Yoel Goldman’s All Year Management, with the buyers subsequently drawing up plans for sizable residential developments on their properties.
Rabsky and All Year have both begun construction on massive, mixed-use projects designed by ODA holding up to 500 and 900 residential units, respectively.
Meridian Capital Group’s Steve Adler and Simcha Schick arranged the financing.
Officials at Read Property, Princeton Holdings and LoanCore Capital could not immediately be reached for comment.
With additional reporting provided by Rebecca Baird-Remba and Rey Mashayekhi.