TheRealDeal, May 2017 – Infinity Real Estate and the Nightingale Group landed a $41.6 million construction loan from Mercantil Commercebank for their planned Midwood office-and-retail development Kingswood Plaza II.
The partners plan to replace a two-story garage at 1715 East 13th Street with a 106,000-square-foot building. 56 percent of the space is pre-leased to retailers Marshalls and Target.
The lender is a subsidiary of the Venezuelan holding company Mercantil Servicios Financieros.
Mission Capital Advisors’ Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras brokered the loan.
Infinity and Nightingale bought the development site and a neighboring 230,000-square-foot mixed-use building dubbed Kingswood Plaza for $79.1 million in 2014.
Nightingale, which says it owns over 11 million square feet of office and retail space, last year paid Gary Barnett’s Extell Development $28 million for the leasehold on 20 East 46th Street in Midtown. Steve Kassin’s Infinity, meanwhile, recently took over a majority stake in 587 Fifth Avenue’s leasehold.
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