Hampshire Properties Receives $115M Loan Secured by Brooklyn Multifamily Building
Construction of the 302-unit property in the MIdwood neighborhood is near completion.
NEW YORK CITY—Hampshire Properties received $115.1 million in refinancing, secured by the eight-story, 265,000 square-foot multifamily building, located at 1277 E. 14th St. in Brooklyn. Construction is almost complete for the 302-unit development featuring one-, two- and three-bedroom units, 150 parking spaces, a fitness center, game room, concierge desk, inner courtyard and rooftop deck. The property is in the residential neighborhood Midwood.
Square Mile Capital Management originated the loan, which will be used to complete the project’s construction. Morris Betesh from Meridian Capital Group arranged the financing.
Located on the former site of the Shulamith School for girls, the building borders East 14th Street, and Chestnut and Locust avenues. The Avenue M subway stop is a block away.
Sean Reimer, VP at Square Mile Capital, describes the property as a high-quality, well-located multifamily asset. “Between the borrowers’ track record, the building’s desirable location in the established Midwood neighborhood, and the strong multifamily market fundamentals in Brooklyn, we are confident in ownership’s ability to execute its business plan,” he says.