Macerich borrows $478M in first mortgage debt against Kings Plaza

Macerich through the entity Brooklyn Kings Plaza LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $487 million for Kings Plaza and its 4 parcels, including 2575 Flatbush Avenue, 5102 Avenue U, 5120 Avenue U, 5602 Avenue U in Mill Basin. The deal closed on December 3, 2019 and was recorded on December 11, 2019.

Goldman Sachs supplied the prior first mortgage totaling $500 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $285,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link