Capital One Supplies $35M Refinance for Brooklyn Luxury Co-Op
Capital One has provided a $35 million Fannie Mae loan for the cash-out refinance of a Brooklyn waterfront luxury apartment complex, Commercial Observer has learned.
The full-term interest-only 10-year loan, which features a 2.64 percent interest rate, was brokered by Meridian Capital Group.
Meridian Managing Director Allan Lieberman and Vice President Asher Haft negotiated the transaction. Capital One Senior Vice President Haig Kilicyan led the financing on behalf of the lender.
“We were able to use Fannie Mae’s streamlined early rate lock and benefit from low treasuries and tight spreads, targeting a closing date just after the existing loan’s anniversary for a declining, step-down prepayment penalty,” Lieberman said. “The lower interest rate and new cash-out will enable our client to implement capital improvements to the property, including a new roof and upgrades to the building’s lobbies and interiors.”
Located at 40-50 Brighton 1st Road on the coast of Brighton Beach, Brooklyn, the 450-unit, luxury co-op property is 97 percent sold. The 16-story Brighton Towers features a heated swimming pool, sauna, fitness center, 24/7 security, a part-time doorman, an on-site building manager and a laundry room.
The property is managed by Brooklyn-based TKR Property Services.
Officials for Capital One did not immediately respond to a request for comment.