Centennial Bank Lends $43M on Brooklyn Heights Apartment Tower
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.
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.
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