Avison Young secures $30m loan for GMC at Brooklyn Navy Yard Metropolitan Realty Assocs. refinances 5101 Fashion Dr. with $32.8 million loan FINANCE
NANUET, NY Metropolitan Realty Associates LLC (MRA), led by CEO and founder Joseph Farkas,
BROOKLYN, NY Avison Young se - cured a $30 million sub-leasehold mortgage loan on behalf of an entity controlled by the Brooklyn Navy Yard Development Corp. (BNYDC) for the Green Man- ufacturing Center (GMC) at the Brooklyn Navy Yard, a set of three buildings totaling 250,680 s/f of light industrial and ancillary office space. The financing was provided by Webster Bank. Avison Young’s tri-state debt and equity finance team led by principal Scott Singer; executive director Kevin Swartz; senior director Kathleen McSharry and analyst David Brucker arranged the financing on behalf of BNY - DC. Notably, the team conceived of the sub-leasehold financing structure for BNYDC over a decade ago and secured financing at that time from Sterling National Bank, which merged with Webster Bank in 2022. Originally built between 1857 and the 1940s, the GMC was used as machine shops for manufac- turing ship components for the U.S. Navy during World War II. In 2015, BNYDC completed sub- stantial renovations that involved modifying the existing buildings to create a multi-tenanted build- ing complex for industrial and
mercial condominium units and the creation of multiple revenue streams across retail, self-storage, and outparcel restaurant uses. Recent leasing activity has further strengthened the asset’s performance, highlighted by a newly executed 10-year, 35,500 s/f lease with Best Buy. In addition, MRA developed a freestanding Popeyes Louisiana Kitchen on the property, further activating the site and enhancing its consumer draw. The property also includes an 865-unit self-storage facility on the second floor, 90% occupied and undergoing a further expansion to meet the growing demand for storage facilities with the right mix of unit sizes. The facility is being operated by Storage King USA. Royal Properties serves as the exclusive leasing agent for the property, with David Landes and Zach Landes leading leasing efforts. “The new financing reflects both the scale of the transformation and the strength of the underlying asset,” said Farkas. “By reimag - ining a former department store as a multi-tenant, multi-use asset, we’ve created a property that is well-positioned to meet current market demand and generate long- term value.”
has secured a $32.8 million refinancing for its retail proper- ty at 5101 Fash- ion Dr., known as RTL Nanuet. The loan was provided by
Joseph Farkas
IDB Bank and replaces an exist- ing $22.9 million loan on the asset. MRA acquired the former Ma- cy’s building in December 2018 for $11.2 million and has since completed a comprehensive re- positioning of the 218,000 s/f property, transforming the former single-tenant department store into a diversified, income-producing asset. “This refinancing validates the value we’ve created since acquir- ing the property,” said Farkas. “By reconfiguring the asset into multiple revenue streams and attracting strong national tenants, we’ve repositioned the property to perform in today’s retail envi- ronment.” The refinancing incorporates the full scope of improvements made to date, including the conversion of the building into separate com -
manufacturing tenants designed according to Leadership in En - ergy and Environmental Design (LEED) principles. The reno- vation included repairs to the foundation, facade restoration, improved building envelope, new windows, new metal roof, new utilities/mechanical systems, new life safety systems, and additional work to attract prospective tenants. The property is fully leased to four tenants that exemplify the Yard’s ethos to champion eco- nomic and innovation growth in Brooklyn, collectively employing hundreds of workers earning qual - ity wages and honing real skills across multiple industries. “We’re pleased to continue our long-standing partnership with the Brooklyn Navy Yard Development Corp. with this latest
financing,” said Singer. “By lever - aging the sub-leasehold structure our team originally implemented over a decade ago, we were able to deliver a solution that supports the Yard’s ongoing growth while unlocking additional value from a fully stabilized asset.” “The Brooklyn Navy Yard is a powerful engine for job creation and economic growth. We support over 13,000 jobs with our campus and this financing enables us to build on that momentum,” said Lindsay Greene, president & CEO of the Brooklyn Navy Yard. “The Green Manufacturing Center ex - emplifies our progress and this in - vestment ensures we can continue to deliver economic opportunity through manufacturing jobs to New Yorkers for years to come.” FOR FULL STORY VISIT NYREJ.COM
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