Centennial Bank Lends $43M on Brooklyn Heights Apartment Tower

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Midtown Equities has secured $42.5 million in financing for the development of its Brooklyn mixed-use multifamily project, property records show.

Centennial Bank supplied a $33.6 million building loan and $9.9 million project loan for the firm’s building at 200 Montague Street in Brooklyn Heights, N.Y. 

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The Conway, Ark.-based bank also assumed $21.5 million of acquisition debt from Israel Discount Bank of New York (IDB Bank) on the four-story, Downtown Brooklyn office property with ground-level retail, which the Manhattan-based developer purchased from HSBC Bank in 2007 for $25 million.

New York City’s Landmarks Preservation Commission approved Midtown Equities’ plans to demolish the structure in early 2019 to build a 20-story, rental apartment building with ground-floor and below-level retail, according to the company’s website. 

When completed, the development will feature 121 apartments and 6,500 square feet of commercial space, based on a 2019 pre-filed building application, as reported by The Real Deal.

Officials for Centennial Bank and Midtown Equities did not immediately respond to requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.