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

55 Bay Street
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This Industrial property located in NY received a loan of $23,000,000 over 4 years ago. The brokers of the deal were Adam Schwartz, Keith Kurland, Jonathan Schwartz, and Aaron Appel

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:

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.

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Deals
  • Location
    55 Bay St, Brooklyn, NY 11231, USA55 Bay St, Brooklyn, NY 11231, USA
  • Loan Value
    $23,000,000$23,000,000
  • Asset Type
    IndustrialIndustrial
  • Parties
    4 Brokers, 1 Agency, 1 Lender4 Brokers, 1 Agency, 1 Lender

Agents

Keith Kurland

Keith Kurland

Deals80
Financed$12.8B

Adam Schwartz

Adam Schwartz

Deals73
Financed$11B

Aaron Appel

Aaron Appel

Deals92
Financed$15.1B

Agency

Walker & Dunlop

Walker & Dunlop

Agency
Deals609
Volume$76.5B

Bank OZK

Bank OZK

Lender
Deals77
Volume$ 338.9B

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Deal Summary

LOAN IMAGE: Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz DATE: 07/11/2019 ADDRESS: 55 Bay Street MARKET: Red Hook ASSET TYPE: Industrial LENDERS: Bank OZK & Arden Group LANDLORD: DH Property Holdings - Dov Hertz BROKERS: Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz @jll_ny_capitalmarkets LOAN AMOUNT: $23,000,000 LOAN TYPE: Construction loan SF: 83,000 NOTE: 55 Bay Street is a state-of-the-art speculative development located in the Red Hook section of Brooklyn, the most populous borough in New York City. The best-in-class design will feature modern column spacing and energy efficient LED lighting. Just minutes from the Brooklyn-Queens Expressway (I-287) this site also has immediate access to Manhattan via the Hugh Carey and Williamsburg and Brooklyn bridges giving it an unmatched ability to reach the countries largest consumer base.

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55 Bay Street

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