Citi Refis Brooklyn Retail Asset With $29M CMBS Loan – Commercial Observer

Developer Michael Orbach has sealed $28.5 million of commercial mortgage-backed securities (CMBS) debt to refinance a portfolio of retail assets in Clinton Hill, Brooklyn, Commercial Observer has learned.

Citi originated the five-year, five-rate CMBS conduit loan for seven contiguous retail condominium units spanning three buildings at 484–526 Myrtle Avenue.

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Arrow Real Estate Advisors arranged the transaction with a team led by Jack McPhail, Alex Ellman and Joseph Kean.

Built between 2013 and 2015, the buildings at 484–526 Myrtle Avenue total 50,159 square feet. The property is 100 percent occupied with 15 tenants that include Key Food, Blick Art Materials, Dogtopia and the MedRite urgent care clinic.

The stretch of Myrtle Avenue also includes two buildings that are part of Pratt Institute’s Brooklyn campus: Myrtle Hall and Pratt’s Film/Video Building.

“This is a tremendous asset, and its presence along Myrtle Avenue, including Pratt Institute, is a testament to hands-on ownership,” McPhail, senior vice president at Arrow Real Estate Advisors, said in a statement. 

Citi and Orbach did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.