Rockwood and Midtown Equities’ $245 Million Loan for Brooklyn’s Empire Stores

Stroock has represented a joint venture between Rockwood Capital and Midtown Equities in securing financing from M&T Bank for a mixed-use project in the DUMBO section of Brooklyn.

The $245 million loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated – including the addition of a sixth floor to the original five stories. Part of the Empire Stores development, the project will ultimately have 380,000 square feet of commercial space, including office, retail, restaurant, exhibition, rooftop gardens and public facilities. The loan consisted of a $217.3 million land loan, plus $27.7 million for future project costs.

The Midtown Equities and Rockwood Capital partnership was selected by the Brooklyn Bridge Park Board of Directors to redevelop Empire Stores in 2013.

Stroock real estate partner Diana Brummer (Picture) and associate Elizabeth Akerman led the team on behalf of Rockwood and Midtown Equities.

Involved fees earner: Diana Brummer – Stroock; Elizabeth Akerman – Stroock;

Law Firms: Stroock;

Clients: Rockwood Capital; Midtown Equities LLC;

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Author: Ambrogio Visconti