Brooklyn Navy Yard Locks In Long-Term Financing

NEW YORK CITY—In a move that reportedly will strengthen the Brooklyn Navy Yard's financial position for years to come, the Brooklyn Navy Yard Development Corp. has closed on two conventional loans, totaling approximately $62 million, to refinance outstanding debt secured through the EB-5 program.

In a transaction with Sterling National Bank, the Yard borrowed approximately $31 million for a term of 15 years. In a separate transaction with Symetra Life Insurance Company, the Yard secured another roughly $31 million for a term of 21.5 years.

In a transaction with Sterling National Bank, the Yard borrowed approximately $31 million for a term of 15 years. In a separate transaction with Symetra Life Insurance Company, the Yard secured another roughly $31 million for a term of 21.5 years.

The Yard was represented by The Singer & Bassuk Organization as financial adviser and mortgage broker, and by Goulston & Storrs as borrower's counsel. The loan proceeds will be used to pay off an existing $60 million EB-5 loan, plus closing costs. The $60 million EB-5 loan is one of three existing EB-5 loans to BNYDC from affiliates of the New York City Regional Center. Subsequent to this loan from 2009, an additional $42 million EB-5 loan was taken out in 2012.

“These loans demonstrate the financial health of the Brooklyn Navy Yard and place the Yard on strong financial footing as we undergo our largest expansion in 50 years,” says David Ehrenberg, president and CEO of the Brooklyn Navy Yard Development Corp. “We are grateful to our financing partners Sterling National Bank and Symetra Life Insurance Company for their support of our mission to create thousands of good, middle-class jobs for New Yorkers.”

Adds Scott Singer, president of The Singer & Bassuk Organization, “We are proud to be working as real estate finance advisors to the Brooklyn Navy Yard, and excited to have completed the first two of what we hope will be many transactions utilizing the innovative deal structure we conceived together.”

NEW YORK CITY—In a move that reportedly will strengthen the Brooklyn Navy Yard's financial position for years to come, the Brooklyn Navy Yard Development Corp. has closed on two conventional loans, totaling approximately $62 million, to refinance outstanding debt secured through the EB-5 program.

In a transaction with Sterling National Bank, the Yard borrowed approximately $31 million for a term of 15 years. In a separate transaction with Symetra Life Insurance Company, the Yard secured another roughly $31 million for a term of 21.5 years.

In a transaction with Sterling National Bank, the Yard borrowed approximately $31 million for a term of 15 years. In a separate transaction with Symetra Life Insurance Company, the Yard secured another roughly $31 million for a term of 21.5 years.

The Yard was represented by The Singer & Bassuk Organization as financial adviser and mortgage broker, and by Goulston & Storrs as borrower's counsel. The loan proceeds will be used to pay off an existing $60 million EB-5 loan, plus closing costs. The $60 million EB-5 loan is one of three existing EB-5 loans to BNYDC from affiliates of the New York City Regional Center. Subsequent to this loan from 2009, an additional $42 million EB-5 loan was taken out in 2012.

“These loans demonstrate the financial health of the Brooklyn Navy Yard and place the Yard on strong financial footing as we undergo our largest expansion in 50 years,” says David Ehrenberg, president and CEO of the Brooklyn Navy Yard Development Corp. “We are grateful to our financing partners Sterling National Bank and Symetra Life Insurance Company for their support of our mission to create thousands of good, middle-class jobs for New Yorkers.”

Adds Scott Singer, president of The Singer & Bassuk Organization, “We are proud to be working as real estate finance advisors to the Brooklyn Navy Yard, and excited to have completed the first two of what we hope will be many transactions utilizing the innovative deal structure we conceived together.”