Developer refinances luxury Williamsburg rental with $34M private loan

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Marcus & Millichap Capital Corporation (MMCC) has
arranged a $34.4 million interest-only bridge loan to refinance 55 Hope Street,
a luxury rental building in Williamsburg.

According to Steven Rock, who arranged the loan with a
private lender affiliated with the Berkshire Group, the financing allows the
borrower to continue their “strategic lease-up program” to stabilize the asset.

Originally a pencil factory, 55 Hope was developed in 2012
by Jeffrey Gershon’s Hope Street Capital as a 117-unit multifamily property with
a 4,000 s/f commercial unit. Situated between Havemeyer Street and Marcy
Avenue, the six-story, elevatored building’s amenities include a roof deck,
video intercom  and fitness center.

According to public documents, the five-year loan was
provided by MFI Capital LLC and authorized by Jonathan Pfeil, a managing director
at Berkshire Residential Investments.

The loan – signed by Robert Gershon through the entity 53
Hope Street LLC – was structured with three years of interest-only, a 3.65
percent interest rate and 75 percent loan-to-value, according to Rock, who is
based in Marcus & Millichap’s White Plains office.

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