744 Bedford Ave

Location: New York, NY
Type: Mixed Use
Price: $39,600,000

SMC has provided a $39,600,000 ten-year fixed rate mortgage for the refinance of 744 Bedford Ave, a mixed-use multifamily and retail property located in south Williamsburg/Bedford-Stuyvesant in Brooklyn, NY. 744 Bedford Ave is a newly constructed property that consists of 88 apartment units, 36,000 SF of ground floor retail and basement-level retail space and 76 parking spaces. All of the apartment units are market-rate units and the retail space is 100% leased to Hatzlacha Supermarket for 25 years on a NNN lease. The 88 apartment units began leasing up in March 2020 and despite doing so in the midst of the Covid-19 pandemic, the apartment units are were 97.7% occupied at the time of loan funding.