Brooklyn, NY – September 16, 2019 – law360.com – Amerant 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.