EMP Capital Secures $40M Refi for Crown Heights Commercial Condos

Developer EMP Capital Group is deepening its Brooklyn investments with a $39.8 million refinancing loan from JLL Real Estate Capital for three commercial condominium units at 979 Pacific Street in the Crown Heights section of Brooklyn.

The units at the eight-story 979 Pacific Street consist of a 69-unit rental condominium and two commercial condos, all totaling 61,388 square feet — meaning the deal penciled out to around $650 per built square foot. PincusCo. first reported the deal.

The company previously held a $35 million loan from OakNorth Bank.

The newly constructed property at 979 Pacific Street, christened the Grand Pacific, was developed by Issac & Stern Architects with interiors by Alchemy Studio. The building features a red brick facade and oversize windows that recall the warehouses of the neighborhood’s industrial past. The building also offers residents a penthouse amenity suite.

EMP Capital Group has been heavily focused on broadening its Brooklyn portfolio. Projects under construction include a 239,000-square-foot, 246-unit ground-up development at 880 Atlantic Avenue due for completion by next winter, and the comparably sized 233,000-square-foot, 247-unit property at 1034 Atlantic Avenue, which should be completed by fall.

The company is also well represented in Manhattan, with properties including a seven-residence loft rental building at 149 Spring Street and a six-story, four-unit condo at 47 Greene Street, both in SoHo, as well as 42 Ann Street south of City Hall Park, which offers seven full-floor luxury condominiums.

EMP Capital Group did not immediately respond to a request for comment. JLL Real Estate Capital was unable to comment on this deal. 

Larry Getlen can be reached at lgetlen@commercialobserver.com.