NEW YORK CITY—Joint venture partners Lincoln Property Co. and Alcion Ventures have taken just over $51 million in first mortgage financing for 1300 Flushing Ave., a six-story warehouse and distribution building in the Bushwick section of Brooklyn. The borrowers plan to use the funds to acquire and reposition the asset.
The three-year, floating-rate loan includes two one-year extension options with Mack Real Estate Credit Strategies. It was secured on behalf of the JV partners by Holliday Fenoglio Fowler's senior managing director Doug Bond, managing director Mark Wintner and associate director Christopher Peck.
The light industrial building at 1300 Flushing sits at the intersection of Flushing and Cypress Avenues, considered the epicenter of Bushwick. The property is two blocks from the Jefferson Street L Subway Station, which provides direct access to the Union Square area of Manhattan within 15 minutes.
Once redeveloped, the pre-war building will feature 122,697 square feet of Class A creative office space with high ceilings, natural light, exposed structural work and ducting, functional roof space, living rooms, kitchens and other non-traditional design elements
Bushwick is viewed by many as a burgeoning creative and energetic neighborhood features newly-constructed multifamily housing, condominium buildings, organic grocers and upscale restaurants along with an artists community.
Surrounding neighborhoods include Williamsburg, Greenpoint, DUMBO in Brooklyn and Ridgewood, Queens which are considered key some of the most desirable and live-work-play locations in the two boroughs.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
