Brookfield signs $19.8M initial loan with TIAA for industrial in Mott Haven

Brookfield Properties through the entity Bsrep III 845 E 136th Street LLC as borrower signed a initial loan with lender Teachers Insurance and Annuity valued at $19.8 million for the industrial (E1) at 845 East 136th Street in Mott Haven, Bronx.
The deal closed on June 30, 2021 and was recorded on August 13, 2021.
The property has 88,000 square feet of built space and 23,424 square feet of additional air rights for a total buildable of 111,546 square feet according to PincusCo analysis of city data. The loan price per built square foot is $225 and the price per buildable square foot is $177 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 8-Dec-20, for $27.9 million.
The signatory for Brookfield Properties was Zachary Cohn.

Brookfield bought the Bronx distribution facility from AEW Group in late 2020 for $27.9 million. It did not take any debt at the time of the purchase. This is the first debt Brookfield put on the property.

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