Signature Bank provides $27.5 million of new debt for nine multi-family properties

New York, NY New York City based Alchemy Ventures has recapitalized a portfolio in Brooklyn, NY, consisting of nine buildings and 113 residential units, for $36 million. Simultaneously, they secured a new financing loan for the portfolio from Signature Bank totaling $27.5 million. The 5-year loan was provided has a 4.125% interest rate with three years only incumbering the following assets: 216 Macon St., 1050 Lafayette Ave, 223 Bainbridge St., 475 Hancock St., 442 Decatur St., 45 Kingston Ave., 910 Prospect Pl., 788 Madison St., and 790 Madison St.

"We successfully paid off existing debt and secured a new financing for our Brooklyn portfolio by executing a value-add strategy for these nine assets. We renovated these properties and also plan to implement a capex business plan over the next six months to continue improving the buildings and modernizing apartments," said Sam Kooris, principal of Alchemy Ventures and Alex Horn, principal of Alchemy Ventures in a joint statement.