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AURORA CAPITAL, MIDTOWN EQUITIES SECURE $44M LOAN FOR BROOKLYN PROJECT


FINANCING PAVES WAY FOR 121-UNIT, 110K SF BUILDING TO CONTINUE CONSTRUCTION

New York /
Aug.August 26, 2021 04:52 PM
By Joe Lovinger | Research By Orion Jones
Share on FacebookShare on TwitterShare on LinkedinShare via EmailShare via
Shortlink
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Founder and principal of Midtown Equities Joseph Cayre, and 200 Montague Street
(Beyer Blinder Belle)

Time to ready the cranes.

Aurora Capital Associates and Midtown Equities’ planned residential development
in Brooklyn Heights can move ahead after receiving $43.5 million in construction
loans from Centennial Bank. The lender also took over a $21.5 million mortgage
on the property from Israel Discount Bank of New York.



Scott Aiese of JLL brokered the deal. Stanley Cayre, brother of Midtown founder
Joseph Cayre, signed off on the agreements.

The new funding allows Aurora and Midtown to continue work on the 20-story
mixed-use building at 200 Montague Street, a block from Brooklyn Borough Hall.
It will include 121 residential units and nearly 7,000 square feet of commercial
space, according to DOB filings.

Read more
 * The Closing: Joseph Cayre
 * Dumped by Macklowe and Churchill, Core Real Estate demands fees
 * What to make of Stephen Ross betting $1M on mayor’s race

The development will replace a four-story bank building constructed in the
1960s, which Midtown acquired from HSBC Bank for $25 million in 2007, public
records show. The site falls within a historic district, so it needed approval
from the Landmark Preservation Commission on top of regular DOB permits.



Midtown filed plans for the project in April 2019. The filings list amenities
such as a rooftop terrace, children’s playroom and gym.

Aurora and Midtown declined to comment. The project is set to be completed in
June 2022.

Contact Joe Lovinger

Full Name*

Email Address*

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BrooklynBrooklyn heightsConstructionDevelopmentReal Estate Loans

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