Arrow Real Estate Advisors has arranged a $22,000,000 bridge refinance for 1000 Dean Street, a creative office and flex property in Brooklyn’s Crown Heights/Prospect Heights submarket. The property sits within one of Brooklyn’s more active commercial corridors and is positioned to serve a broad mix of commercial users. The new financing is intended to support the asset as it continues to advance its current lease-up strategy.
The bridge loan, provided by Genesis Credit LLC, refinances a 129,389-square-foot building that accommodates a diverse roster of creative, office, production, and flex tenants. According to Arrow Real Estate Advisors, the nature of the tenancy and the evolving income profile at the property required a lender that could underwrite a transitional business plan and structure capital accordingly.
Arrow’s capital markets team on the transaction included Morris Betesh, Israel Mermelstein, Jack McPhail, Alex Ellman, and Joseph Kean. Working together, they sourced and arranged the bridge refinance on behalf of the sponsorship, with Genesis Credit LLC ultimately stepping in as the financing provider. The parties emphasized the importance of aligning the loan structure with the property’s current stage of stabilization and its ongoing leasing initiatives.
In describing the assignment, Betesh noted that the transaction reflected the asset’s transitional profile as well as the lender’s ability to get comfortable with both the real estate and the business plan. He highlighted Genesis Credit LLC’s recognition of the location’s strength, the quality of the collateral, and the sponsor’s strategy for continued lease-up. Betesh also acknowledged the lender’s flexibility in crafting a solution aimed at facilitating the property’s continued stabilization.
The creative office and flex configuration at 1000 Dean Street positions the building to attract a range of tenants in Brooklyn’s Crown Heights/Prospect Heights submarket, including users seeking production, workspace, and other flexible layouts. Within this context, the newly arranged bridge refinance is intended to provide interim financing while the sponsor executes its leasing and stabilization objectives for the 129,389-square-foot asset.
Photo credit for the property is attributed to Selldorf Architects, reflecting the architectural design associated with 1000 Dean Street. Further details regarding loan terms, sponsorship, and ownership structure were not disclosed in the announcement.
