HIG Capital Refis Crown Heights Apartments With $56M Loan
By Andrew Coen January 5, 2024 2:22 pm
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Cheskie Weisz‘s CW Realty has sealed a $56 million loan to refinance a multifamily asset in Crown Heights, Brooklyn.
HIG Capital provided the loan on CW’s 98-unit 1499 Bedford Avenue. The loan replaces $44 million of construction debt from Cross River Bank and Bankwell, secured in 2022. The deal, which was led by HIG’s Michael Mestel and Brianne Griffith, closed Dec. 29, in only 22 days.
Skyline Capital’s Shloime Goldstein arranged the transaction, which first appeared on Traded.
CW purchased the property in 2020 for $20 million and commenced construction last year. Pre-leasing for the building, which is near the border of Crown Heights and Prospect Heights, commenced in late December.
The majority of the apartments are two- and three-bedroom units. Community amenities include a garage, fitness center and lounge.
The 1499 Bedford development is among a number of multifamily developments that CW has spearheaded in recent years. Others include 187 Kent Avenue in North Williamsburg, and Casa Dumbo on 68 Gold Street in Vinegar Hill.
Officials at HIG Capital and CW did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
