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Amerant Lands $49M Loan For Brooklyn Development Project

Sep 17th, 2019

Brooklyn, NY – September 16, 2019 – law360.comAmerant Bancorp said Monday that it has provided a joint venture with a $49 million first mortgage loan to finance a five-story, 109,623-square-foot property in Brooklyn that features both office and retail space.

Florida-based Amerant Bancorp Inc. said that it arranged refinancing on behalf of a partnership between Infinity Real Estate LLC and Nightingale Group LLC for the Kingswood Center II, located at 1715 East 13th Street in Brooklyn. Amerant said it is acting as the administrative agent financing the majority of the loan, with other prominent banks in New York picking up the remainder of the balance.

“Amerant is committed to growing and maintaining strong inter-bank relationships, while always meeting our client’s ever-evolving needs. We are dedicated to expanding and solidifying our footprint in the industry,” senior vice president and manager of Amerant’s New York commercial real estate division, Paulo Garcia, said in a statement.

The property houses 60,000 square feet of retail space that is currently leased by department stores Target and Marshalls. The remaining space, approximately 45,000 square feet currently, is marketed as office space.

“As one of our preferred lenders, we are delighted to be refinancing our construction loan with Amerant,” Infinity Real Estate Managing Partner Steve Kassin said in a statement.

New York-based Infinity Real Estate was founded in 2005 and is a privately owned developer, owner and manager of property in major U.S. markets.

Nightingale Group is a vertically integrated real estate investment firm targeting properties that are primed for redevelopment.

Representatives for Amerant, Infinity and Nightingale did not return requests for comment Monday.

Legal and financial adviser information for Amerant, Infinity and Nightingale was not available Monday.

About Infinity Real Estate, LLC
Infinity Real Estate is a privately-owned developer, owner, and manager of high-quality real estate in primary U.S. markets. The Company’s portfolio includes over 60 individual properties representing over 1 million square feet of retail, office and hospitality space and over 1,800 urban rental apartments. Through its affiliates and portfolio companies, Infinity has managed over 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted on over $5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals. Infinity has established a strict investment discipline centered on active management of all its projects. The Company has completed over 30 historically protected redevelopment projects in five US cities. Infinity’s “Green Landmark Initiative” is aimed at modernizing the infrastructure and transforming the spatial programming of historic properties, so that they operate with the highest efficiency and smallest environmental footprint possible, while rehabilitating and preserving precious architectural elements of the historic structures. Infinity pledges 1% of its revenues to environmental preservation and social causes as a member of 1% FOR THE PLANET – the environmental non-profit’s only member real estate company. Infinity Real Estate was founded in 2005 by Steven J. Kassin and is headquartered in New York City.

 

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