Acumen Capital’s Pfizer Building gets October’s prime suburban loan

In the suburbs, several asset classes earned dollars from top lenders in October, including a well-leased industrial campus, new-build rental buildings and mixed-use projects anchored by big box stores.

In Brooklyn, industrial and residential projects dominated the rankings, with big checks going to Acumen Capital’s historic Pfizer complex and Harry Einhorn’s new Greenpoint rental. Lenders also were the driving force behind Bogopa’s mixed-use development at Bed-Stuy and Clipper Equity properties on Pacific Street.

In the Bronx, Simone Development secured new financing for a Hutchinson Metro Center building, completing a diverse range of deals as the year came to a close.

Here are the five biggest suburban loans for October.

Industrial infusion | $125 million | Williamsburg

Value Partners provided a $125 million loan for a South Williamsburg industrial and manufacturing building at 630 Flatbush Avenue, owned by Acumen Capital Partners. CBRE arranged the three-year loan with variable interest rates. The 7.8-acre estate was built in 1849 to house Pfizer’s headquarters. Acumen bought it in 2011 for $26 million and repurposed it as flexible industrial space. The building is 88 percent leased to tenants in the food, technology, education, media, fashion and non-profit sectors, according to Värde’s website.

Quay payday | $94 million | Greenpoint

Argentinian investment management provided a $94 million loan for Harry Einhorn’s multifamily development at 79 Quay Street in Greenpoint. Brooklyn-based developer Einhorn purchased the former warehouse in 2016 from Cayuga Capital Management for $16 million and recently completed construction on an 11-story, 92,000-square-foot building with 140 rental units and 1,300 square feet of commercial space, according to New York’s YIMBY. Popular Bank provided the $51.5 million construction loan in 2023. Available units start at $3,395 for a studio, according to StreetEasy.

Myrtle money | $90 million | Bedford Stuyvesant

KeyBank provided a $90 million loan to Bogopa Enterprises for its new mixed-use building at 1100 Myrtle Avenue in Bedford Stuyvesant. Bogopa is a parent company of Food Bazaar Supermarkets and has temporarily closed one of the stores at the site to make way for an 11-storey, 233-unit mixed-use development, including a 29,000 square meter Food Bazaar. Centennial Bank provided an $80 million construction loan in 2021. Amenities include a co-working library, covered parking, fitness center and rooftop terrace.

Metro money | $88 million | Pelham Bay

ConnectOne bank provided an $88 million loan for Simone Development’s medical office and academic building at 1200 Waters Place in the east Bronx. The new financing for the property, part of the massive Hutchinson Metro Center, replaced a $100 million CMBS loan. The building is part of a 42-acre campus with more than 1.4 million square feet of Class A office and medical space, as well as retail space, restaurants, free parking and a 125-room Marriott Residence Inn.

Clipper Capital | $85 million | Crown Heights

Citibank and Morgan Stanley provided an $84.5 million loan for Clipper Equity’s multifamily development at 998-1010 Pacific Street in Crown Heights. The new financing replaced an $80 million loan from Brookfield Asset Management. David Bistricer’s company purchased the development site in 2019 for $20 million and built a nine-story, 175-unit apartment building that was completed in 2022. Amenities include garage parking, a gym, media room and a rooftop terrace.

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