This transaction involves two properties located at 688 Court Street and 702 Court Street in the Red Hook area of Brooklyn. The industrial asset spans a total of 15,000 square feet. The refinancing occurred with a loan amount of $25,500,000 from Northeast Bank, replacing previous debt held by Blackstone.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $25,500,000
• Address: 688 Court Street & 702 Court Street
• Market: Red Hook, Brooklyn
• Lender: Northeast Bank
• Landlord: Joseph Jacobson - Madison Capital Group
• Loan Type: Refinance

Joseph Jacobson, representing Madison Capital Group, was involved in the refinancing of the two properties through his entity, Madison Capital’s MC PR III 688 Court Realty LLC. This transaction marked the transition from prior Blackstone debt to new financing provided by Northeast Bank.