The Brooklyn Navy Yard Development Corporation has closed on two conventional loans, totaling approximately $62 million. The loan proceeds will be used to pay off an existing $60 million EB-5 loan, plus closing costs. The $60 million EB-5 loan is one of three existing EB-5 loans to BNYDC from affiliates of the New York City Regional Center. The deal was secured through The Singer & Bassuk Organization as financial adviser and mortgage broker, and by Goulston & Storrs as borrower’s counsel. In a transaction with Sterling National Bank, the Yard borrowed approximately $30.750 million for a term of 15 years. The second loan was booked with Symetra Life Insurance Company, which the Yard secured approximately $31.680 million for a term of 21.5 years.
“These loans demonstrate the financial health of the Brooklyn Navy Yard and place the Yard on strong financial footing as we undergo our largest expansion in 50 years,” said David Ehrenberg, President and CEO of the Brooklyn Navy Yard Development Corporation. “We are grateful to our financing partners Sterling National Bank and Symetra Life Insurance Company for their support of our mission to create thousands of good, middle-class jobs for New Yorkers.”
