Acumen Capital Partners has secured a $125 million loan from Värde Partners to refinance 630 Flushing Avenue in South Williamsburg, Brooklyn, according to a report from the Commercial Observer. The eight-acre industrial property, which was once Pfizer’s original headquarters, is currently 88 percent occupied. Its tenants include FreshDirect, which leased 20,000 square feet in 2015, as well as the Pratt Institute, SoulCycle, and Roberta’s Pizza.
The refinancing was arranged by CBRE’s Jason Gaccione and Jake Salkovitz and is structured as a three-year, floating-rate loan, first reported by PERE Credit.
“With Värde’s support, we are well positioned to continue delivering the flexibility our valued tenants need to support their growth, while also adding to our tenant community,” Acumen founder Ashish Dua said in a statement.
The building, which served as a factory until 2008, was acquired by Acumen in 2011 for $26 million and has since been redeveloped as a flexible industrial space.
Brooklyn’s industrial market saw an overall vacancy rate of 4.7 percent as of the second quarter, according to Cushman & Wakefield. In the first half of the year, more than 400,000 square feet was leased, and the average net rent across the borough was $26.09 per square foot.
Earlier this year, Värde Partners also provided a $96.5 million loan to refinance The Lewis, a luxury multifamily building at 411 West 35th Street in Hudson Yards, owned by Maddd Equities and Joy Construction Corporation.
