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Joseph Jacobson Of Madison Capital Group Secures $25.5M Loan For Red Hook Properties
Industrial

Joseph Jacobson Of Madison Capital Group Secures $25.5M Loan For Red Hook Properties

, & 702 Court Street

$25,500,000

$1,700/SF

Building Size

15,000 SF

Asset Type

Industrial

Closing

Nov 14, 2025

AI

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.

Players

Northeast Bank
Northeast BankLender
Madison Capital Group
Madison Capital GroupLandlord

Brooklyn Industrial Market Snapshot

Boundary boundary · Industrial · All transaction types transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93