Webster Bank Provides $30M Loan for Brooklyn Navy Yard's Green Manufacturing Center
Webster Bank has issued a $30 million sub-leasehold mortgage loan to the Brooklyn Navy Yard Development Corporation for the Green Manufacturing Center. This financing will address outstanding debts and support general corporate needs.
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The Brooklyn Navy Yard Development Corporation (BNYDC) has secured a $30 million loan from Webster Bank for its Green Manufacturing Center (GMC), which includes three buildings for light industrial and office use. Proceeds from the loan will retire existing debts and fund corporate activities.
Avison Young facilitated the debt negotiation, drawing on a relationship that began over a decade ago. The GMC, originally a U.S. Navy facility from World War II, was renovated in 2015 and is now fully leased to four tenants.
This investment underscores the Brooklyn Navy Yard's role in job creation and economic development in New York City. Continued support for such projects may enhance local economic resilience.
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