Bank OZK And Arden Group Provide $23M Construction Loan For Red Hook Industrial Property

55 Bay Street, located in the Red Hook section of Brooklyn, has recently secured a construction loan for $23,000,000. The property is a state-of-the-art speculative development with a total square footage of 83,000. It offers modern column spacing and energy efficient LED lighting, making it a prime industrial asset in the market.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $23,000,000
• Date: 07/11/2019
• Address: 55 Bay Street
• Market: Red Hook
• Lenders: Bank OZK & Arden Group
• Landlord: DH Property Holdings - Dov Hertz
• Brokers: Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz

This loan was made possible through the collaboration of Bank OZK and Arden Group. The landlord, DH Property Holdings, headed by Dov Hertz, facilitated the transaction. The brokers who represented the deal were Jonathan Schwartz, Aaron Appel, Keith Kurland, and Adam Schwartz from JLL NY Capital Markets.

With its prime location, 55 Bay Street offers immediate access to major transportation routes such as the Brooklyn-Queens Expressway (I-287) and bridges connecting to Manhattan, including the Hugh Carey, Williamsburg, and Brooklyn bridges. This unparalleled accessibility positions the property to tap into the largest consumer base in the country.