Bruce Ratner family refinances large Brooklyn multifamily portfolio with $151M from Helaba
168-172 Mesrole Street is part of the Ratner family portfolio that was refinanced. (Credit: Google)
Bruce Ratner’s family holdings refinanced a large Brooklyn portfolio of new construction rental buildings, the bulk of which were put on the market last year for sale with an asking price of $200 million.
The Rather holdings, through various entities including 42-44 Meserole BPC Partners, LLC as borrower signed a loan agreement with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $151.3 million for 13 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 296 residential units at 405 South 3rd Street, 105 Grand Avenue, 168 Meserole Street, 170 Meserole Street, 172 Meserole Street, and others in Williamsburg. The deal closed on April 16, 2020 and was recorded on April 22, 2020.
The average loan per unit is $510,987.
The properties had existing debt of $144.4 million and added a gap loan of $6.8 million in this refinance. Ratner gave the exclusive to Avison Young’s team led by James Nelson in late 2019 to market bulk of this portfolio as the North Brooklyn Luxury 8, asking $200 million.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link