Brooklyn liquor distributor ups debt on 20-building Brooklyn portfolio by $60M to $110M

The liquor distributor Empire Merchants through the entity Peerless Equities, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $110 million for 20 parcels, including the tax class fireproof warehouse (E1) at 44 Bridgewater Street, 550 Stewart Avenue, 560 Stewart Avenue, 934 Meeker Avenue, 944 Meeker Avenue, and others in Brooklyn. The deal closed on July 14, 2020 and was recorded on August 28, 2020.
The property has 1,285,475 square feet of built space and available development rights.
The average loan per buildable square foot is $86. The signatory for the lender was Sarah Flieger Gang.
The financing included a $60 million gap loan. Empire Merchants is a liquor distributor and its affiliates own property. According to the company website, Empire Merchants is “a partnership between Bulldog Ventures Ltd., a company owned by the Magliocco family, and Charmer Industries, Inc., a company owned by the Drucker and Merinoff families.”

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