Apollo Lends $90M on Brooklyn Retail Property Anchored by Whole Foods
By Andrew Coen September 11, 2023 2:53 pm
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A joint venture among Aurora Capital Associates, Midtown Equities and Achs Management has sealed a $90 million debt package to refinance a grocery-anchored retail asset in Williamsburg, Brooklyn, Commercial Observer has learned.
Apollo Global Management (APO) supplied the loan for the sponsorship’s 240 Bedford Avenue property that debuted in 2016 when Whole Foods opened at the site. The move marked the supermarket chain’s second Brooklyn location.
Newmark (NMRK) arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Benjamin Kroll and Alexander Saslove.
In addition to Whole Foods, 240 Bedford also includes national retailers Equinox, Chipotle, Citibank and T-Mobile. The property’s rent roll provides stability with a weighted average lease term of more than 12 years, according to Newmark.
Officials at Aurora Capital, Midtown Equities and Achs did not immediately return requests for comment. Apollo declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
