Harrington of HKS Capital arranges $10 million construction loan; To The Daten Group for the renovation of a 33,000 s/f building

HKS Capital Partners LLC has arranged a $10 million construction loan for the Daten Group to complete the renovation and conversion of 72 Poplar St., the former 84th police precinct, a four-story brick building located in Brooklyn Heights. "The building's development team (David Ennis and Craig Rosenman) comprises an experienced group of well established developers who intend to take advantage of the high end condo market for this area," said HKS Capital Partners co-founder John Harrington, who originated the deal. The one-time 33, 000 s/f city-owned building is still awaiting conversion approval from the city's Landmark Preservation Commission and the Department of Buildings. Conversion plans have been in the works for the property for a few years now, but they didn't gain momentum until a new owner purchased the building for $7.5 million last summer. HKS Capital Partners, a real estate capital advisory firm that specializes in debt and equity finance, has funded more than $685 million in deals over the last year. About 20% of those deals have been construction loans, where Harrington says banks are loosening up lending restrictions. The New York-based company was founded in April, 2011, by Jerry Swartz, a long-time commercial finance industry leader, along with Ayush Kapahi and Harrington. The firm focuses on refinancing all asset types, multi-family, hotel, retail, office, industrial and mixed use properties in the five boroughs and tri-state area of New York, New Jersey and Connecticut.