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
Brooklyn Industrial Market Snapshot
Boundary boundary · Industrial · All transaction types transactions
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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