Joel Gluck’s Spencer Equity Group and the Rabsky Group refinanced five rental properties in Williamsburg, Brooklyn, for $267 m through bonds on the Tel Aviv Stock Exchange. The larger refinancing, for $158.4 m, covers four properties on Wallabout Street, comprising residential, retail, and parking condos, converted into condominium structures earlier this year. The smaller transaction, $108.7 m, includes the adjacent 120-unit building at 13-15 Gerry Street and additional condos.
The lenders, represented by Mishmeret Trust Company, replaced prior debts of $140 m and $74.7 m, respectively.
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