{"id":174266,"date":"2026-03-25T05:00:41","date_gmt":"2026-03-25T05:00:41","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/174266\/"},"modified":"2026-03-25T05:00:41","modified_gmt":"2026-03-25T05:00:41","slug":"citi-refis-brooklyn-retail-asset-with-29m-cmbs-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/174266\/","title":{"rendered":"Citi Refis Brooklyn Retail Asset With $29M CMBS Loan \u2013 Commercial Observer"},"content":{"rendered":"

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.<\/p>\n

Citi originated the five-year, five-rate CMBS conduit loan for seven contiguous retail condominium units spanning three buildings at 484\u2013526 Myrtle Avenue.<\/p>\n

SEE ALSO: Listening In on J.P. Morgan Chase\u2019s National CRE Sales Meeting With Karen Purcell<\/a><\/p>\n

Arrow Real Estate Advisors<\/a> arranged the transaction with a team led by Jack McPhail, Alex Ellman and Joseph Kean.<\/p>\n

Built between 2013 and 2015, the buildings at 484\u2013526 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.<\/p>\n

The stretch of Myrtle Avenue also includes two buildings that are part of Pratt Institute\u2019s Brooklyn campus: Myrtle Hall and Pratt\u2019s Film\/Video Building.<\/p>\n

\u201cThis is a tremendous asset, and its presence along Myrtle Avenue, including Pratt Institute, is a testament to hands-on ownership,\u201d McPhail, senior vice president at Arrow Real Estate Advisors, said in a statement.\u00a0<\/p>\n

Citi and Orbach did not immediately return requests for comment.<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"Developer Michael Orbach has sealed $28.5 million of commercial mortgage-backed securities (CMBS) debt to refinance a portfolio of…\n","protected":false},"author":2,"featured_media":174267,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[70946,98,100,99,70947,70948,70949,9,24,63],"class_list":["post-174266","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-alex-ellman","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-jack-mcphail","tag-joseph-kean","tag-michael-orbach","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/174266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=174266"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/174266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/174267"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=174266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=174266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=174266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}