Redeveloped Brooklyn Asset Gets $15M Refi
- Jul 01, 2019
Hornig Capital Partners and Brickman Real Estate have received a $15.2 million refinancing for The Box Factory, a recently redeveloped creative office and flex asset in Brooklyn. Mission Capital provided the loan, which will be used for the project’s ongoing transformation into creative office and entertainment space.
Located at 1519 Decatur St. in the Bushwick neighborhood, The Box Factory is close to eateries, cafes and supermarkets, with the L train just two blocks away. The property also comes with a perk—tenants relocating from Manhattan qualify for city-provided tax credits.
The 65,000-square-foot building previously served as a warehouse, occupied by Brick & Ballerstein. Following a 2017 adaptive reuse, the three-story property currently features a restored brick façade, white box space on each floor, an outdoor courtyard and a bike storage room, in addition to new windows, restrooms, elevator, electrical and fire systems as well as two new building entries.
The Mission Capital Debt and Equity Finance Group team of Jonathan More, Ari Hirt and Lexington Henn represented the borrower in the deal. Earlier this year, another team from the same company arranged acquisition and renovation financing for a hotel in Texas.