Urban Standard Capital (USC) arranged a $3.8 million loan for Conway Capital’s purchase of a four-story Brooklyn building that houses Court Street Bagels, a popular bagel store in Cobble Hill.
The 6,790-square-foot mixed-use building at 181 Court Street was built in 1900 and features six residential units in addition to the bagel store, whose lease expires in 2023.
Urban Standard Capital’s Seth Weissman and Charles Brosens delivered the 12-month acquisition loan that closed simultaneously with the purchase. The loan included a six-month extension option and interest rate under 9%.
Mercury Capital’s Eric Gleitman represented the buyer, Conway Capital. The Brooklyn, New York-based real estate investment and management firm recently purchased the building for $4.55 million and plans to upgrade the residential units with interior renovations to include adding new kitchens/bathrooms and additional bedrooms.
In June, Urban Standard Capital provided Conway Capital a $8.892 million acquisition loan to purchase four residential and mixed-use properties in Park Slope, Boreum Hill and Carroll Gardens in Brooklyn.