Värde Partners Refis Former Brooklyn Pfizer Property With $125M Loan

Acumen Capital Partners has landed a $125 million loan to refinance an industrial asset in Brooklyn that was formerly Pfizer’s headquarters. 

Värde Partners supplied the three-year, floating-rate loan for the developer’s industrial and manufacturing facility at 630 Flushing Avenue in South Williamsburg, which was built in 1849 as Pfizer’s headquarters and closed as a factory building in 2008. Acumen acquired the property from Pfizer in 2011 for $26 million and repurposed it as flex industrial space.

“630 Flushing stands as a premier industrial and manufacturing facility in New York City’s outer boroughs and a strong example of how historic properties can be revitalized into thriving, modern industrial spaces,” Ashish Dua, founder of Acumen Capital Partners, said in a statement. “With Värde’s support, we are well positioned to continue delivering the flexibility our valued tenants need to support their growth, while also adding to our tenant community.”

PERE Credit first reported the financing, which was arranged by CBRE’s Jason Gaccione and Jake Salkovitz.

The 7.8-acre property is 88 percent leased to a broad mix of tenants in the food, technology, education, media, fashion and nonprofit industries, according to Värde Partners. 

Alek Roomet, managing director at Värde Partners, said in a statement the “historic property” has “been skillfully repositioned to meet the needs of a diverse tenant base.

Andrew Coen can be reached at acoen@commercialobserver.com.