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Avison Young has arranged a $30 million sub-leasehold mortgage loan for the Green Manufacturing Center at the Brooklyn Navy Yard, working on behalf of an entity controlled by the Brooklyn Navy Yard Development Corporation. The property consists of three buildings totaling 250,680 square feet, combining light industrial space with ancillary office areas within the historic industrial campus.
Webster Bank provided the financing for the Green Manufacturing Center. The transaction continues the lender’s relationship with the asset that began when Sterling National Bank, which previously financed the sub-leasehold structure, merged with Webster Bank in 2022.
Avison Young’s Tri-State Debt and Equity Finance team led the assignment. The team was headed by principal Scott Singer, with executive director Kevin Swartz, senior director Kathleen McSharry and analyst David Brucker also involved in arranging the loan. The financing was structured on behalf of the Brooklyn Navy Yard Development Corporation-controlled entity that holds the sub-leasehold interest in the property.
The same Avison Young team originally developed the sub-leasehold financing structure for the Brooklyn Navy Yard Development Corporation more than a decade ago. That earlier work resulted in sub-leasehold financing from Sterling National Bank, establishing a framework that has now been extended with the new mortgage from Webster Bank.
According to Singer, the latest financing reflects the continuation of a longstanding relationship with the Brooklyn Navy Yard Development Corporation. He noted that by utilizing the sub-leasehold structure put in place over ten years ago, the team was able to deliver a financing solution aligned with the ongoing evolution of the Brooklyn Navy Yard while drawing on the stability of a fully stabilized asset.
The Green Manufacturing Center plays a role in the broader Brooklyn Navy Yard ecosystem, which supports light industrial and related uses. While specific loan terms such as duration, interest rate, and use of proceeds were not disclosed, the closing of the $30 million mortgage underscores continued lender engagement with established industrial assets featuring institutional sponsorship and proven operating histories.
The post Avison Young Secures $30M Sub-Leasehold Mortgage for Brooklyn Navy Yard Green Manufacturing Center appeared first on CRE Market Beat.
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