Natixis Real Estate Capital has provided a $57.5 million to Long Wharf Real Estate Partners and Treeline Companies to refinance and reposition a 140,880 sq ft Class A office building in Downtown Brooklyn.
The three-year floating rate loan includes two, one-year extensions. The 195 Montague Street office building is anchored by the co-working space provider WeWork, the firm’s second Brooklyn location. Santander Bank also occupies 6,573 sq ft on the ground floor, along Montague Street.
An affiliate of the Treeline Companies purchased the property for $20.75 million this January, city records show.
The Downtown Brooklyn office real estate market is expanding. As of this January, the submarket had more than 700,000 sq ft of office space in the development pipeline (proposed and under construction), a Cushman & Wakefield report from earlier this year shows.
Natixis is lending on all property types in the greater New York market. The lender, along with Oaktree Real Estate Finance, provided a $335 million financing on the acquisition of a majority stake in seven Manhattan hotel properties this May and provided a $101 million financing on a 21-floor commercial condominium in the Financial District of Lower Manhattan this March.
Long Wharf Real Estate Partners is a Boston-based private equity real estate manager, while Treeline Companies is a New York City-based real estate developer.