Amerant Chips In $49M Loan for Brooklyn Building
- Sep 18, 2019
Amerant Bank N.A. has come through with $49 million in financing for Infinity Real Estate and Nightingale Group. In the role of administrative agent, Amerant provided the partnership with a first mortgage loan for Kingswood Center II, an approximately 110,000-square-foot mixed-use asset in Brooklyn.
Located at 1715 E. 13th St. in the Midwood neighborhood of Brooklyn, Kingswood II features roughly 60,000 square feet of retail accommodations and 50,000 square feet of office space. Infinity and Nightingale acquired the half-acre parcel of land the building occupies along with the 230,000-square-foot Kingswood Center I, located a couple of blocks away at 1630 E. 15th St., in 2014 for a total of approximately $75 million. The partners completed Kingswood II in 2018 with the entire retail component fully preleased to Target and Marshalls, which had inked 10-year agreements for roughly 37,700 and 22,000 square feet, respectively. A small segment of Kingswood II’s office component is leased, leaving 45,000 square feet available for occupancy.
Amerant syndicated the remaining portion of the Kingswood loan to prominent New York banks, the identities of which the bank is not disclosing. Infinity and Nightingale utilized the proceeds from the loan to refinance the construction loan on the property.
Amerant—Mercantil Bank until just a few months ago—has been quite busy providing financing to borrowers for a wide array of commercial real estate endeavors across the country in 2019. Transactions include a $9.6 million loan to General Real Estate Group for the refinancing of the 40,000-square-foot Campbell Shoppes retail center in Homestead, Fla., in Miami-Dade County. And in August, the bank supplied a partnership between Ashkenazy Acquisition Corp. and Black Spruce Management with a $47 million loan for the acquisition of a 15-story retail and residential tower in Manhattan.
During its second-quarter 2019 earnings conference call on July 26, Amerant revealed that its owner-occupied commercial real estate loans and multifamily commercial real estate loans recorded respective year-over-year growth of 28 percent and 13 percent.