Valley National Bank Refinances Brooklyn Apartments with $44M Loan
By Andrew Coen September 8, 2022 11:37 am
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Adam America Real Estate has sealed a $44 million debt package to refinance a multifamily asset in Brooklyn, property records show.
Valley National Bank provided the three-year bridge loan for Adam America’s 70-unit Common Baltic property. No broker was involved in the transaction.
“The three-year bridge loan provided the sponsorship with more flexibility on the prepayment to assist with their long-term stategization of the property,” Chris Coiley, Valley National Bank’s head of commercial real estate for the New York and New Jersey markets, said in a statement. “The sponsors were long-standing clients of Bank Leumi USA and have become valued clients of Valley Bank.”
Located at 595 Baltic Street in Brooklyn’s Boerum Hill neighborhood, Common Baltic debuted in 2017. The seven-story building has amenities that include a fitness center, basement storage, a rooftop terrace, on-site parking and outdoor entertainment space. It was designed by Isaac & Stern Architects.
Officials at Adam America Real Estate did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
