John Catsimatidis Seals $92M Refi for Downtown Brooklyn Apartments
By Andrew Coen November 1, 2024 1:36 pm
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John Catsimatidis’s Red Apple Real Estate has landed a $92 million loan to refinance a multifamily building in Downtown Brooklyn, the developer announced Friday.
Bank of America (BAC) supplied the loan on Red Apple’s 228-unit The Margo property at 180 Myrtle Avenue in Fort Greene, which Red Apple built in 2016.
Catsimatidis previously secured a $90 million loan from Bank of America to refinance the building in 2017, The Real Deal reported at the time. The deal included a new $20 million mortgage and retired a $70 million construction loan from Bank of America originated in 2014, according to TRD.
“Our various companies, including our real estate business, have had a long relationship with Bank of America and we value their partnership,” Catsimatidis said in a statement. “Bank of America provided the original construction loan for 180 Myrtle Avenue in 2014 and has remained the property lender ever since.”
Located a mile from Barclays Center, The Margo has amenities that include a rooftop terrace, fitness center and children’s playroom. The retail portion of the Dattner Architects-designed building is leased to Century Medical & Dental and the Brooklyn Bureau of Community Services.
Bank of America did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
