Brookfield Properties signs $105M refi loan with Citibank for building in Fort Greene

Brookfield Properties through the entity Fc Hanson Office Associates, LLC as borrower signed a refi loan with lender Citibank valued at $105 million for the property at 139 Flatbush Avenue in Fort Greene, Brooklyn.
The deal closed on December 31, 2021 and was recorded on February 4, 2022. The prior lender was Bank of New York Mellon which held debt that had an original loan amount of $105 million.
The property has 517,033 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $203 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 7, 2018, for $137.8 million.
The signatory for Brookfield Properties was Ketan Patel. The signatory for Citibank was Tina Lin.
(301108735)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on September 20, 2012.
On the tax block, the majority, or 0 percent of the 0.0 square feet of built space are mixed-use buildings, with specialty buildings next occupying 0 percent of the space.
Within a 400-foot radius of 139 Flatbush Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Greenland USA bought the 30,300-square-foot, one-unit retail building (K1) on 15 4th Avenue and one other property for $19.1 million from Empire State Development on November 15, 2021.

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