Heitman Capital Management Provides $40.8 Million Loan for Williamsburg Office Property
Heitman Capital Management has provided a $40.8 million loan for an office property located at 109 South 5th Street in Williamsburg.
Heitman Capital Management has provided a $40.8 million loan for an office property located at 109 South 5th Street in Williamsburg. The property, which spans 63,033 square feet, is owned by Meadow Partners. The loan will be used to refinance the property’s existing debt.
The property is located in the heart of Williamsburg, a neighborhood in Brooklyn that has become increasingly popular in recent years. The area is known for its trendy restaurants, bars, and shops, as well as its proximity to Manhattan.
Meadow Partners, the landlord of the property, is a real estate investment firm that focuses on value-add opportunities in the United States and Europe. The firm has a diverse portfolio that includes office, retail, and residential properties.
Heitman Capital Management, the lender in this deal, is a global real estate investment management firm that manages assets on behalf of institutional investors. The firm has over $44 billion in assets under management and has offices in North America, Europe, and Asia-Pacific.
The deal was brokered by Maury Tognarelli and Jeff Kaplan. Tognarelli is a senior managing director at Newmark Knight Frank, a commercial real estate advisory firm. He has over 30 years of experience in the industry and has completed over $10 billion in transactions throughout his career. Kaplan is a managing director at Newmark Knight Frank and has over 15 years of experience in the industry.
Overall, this deal highlights the continued demand for commercial real estate in Brooklyn, particularly in popular neighborhoods like Williamsburg. It also underscores the importance of experienced brokers in facilitating these types of transactions.