A&H secures $50 million refinance for anchored grocery store property at 1007 Flatbush Avenue – Trade Observer
Harry Adjmiit is Acquisitions A&H refinanced its single-storey commercial building in 1007 Flatbush Avenue in Brooklyn with $50 million worth of Signature Bankaccording to recordings made public last Friday.
Adjmi’s agreement refinances the Flatbush property’s previous $24 million loan plus other debt, including two mortgages of approximately $27 million that Adjmi took out on the property in 2007 and 2017.
The retail real estate investor, under an A&H-related company, closed the financing on April 8. His firm had previously consolidated the building’s loans in 2017 into a single $50 million loan, disbursing just under $5 million to the bank since February this year. , according to public repository. Adjmi’s recent refinancing brings debt back to the property, rented for Stop and shopback up to $50 million with his $5 million mortgage.
Adjmi bought the building in 2004 for $35 million from Forest City Tilden Associatesaccording to PropertyShark and public records.
Adjmi, who runs A&H Acquisitions With his brother Alex Adjmiowns commercial properties across the United States Alex Adjmi was pardoned by the former president donald trump after being sentenced money laundering for a Colombian drug cartel in the 1990s, The New York Times reported. Adjmi is also the founder of One step forwarda wholesale import company, The real deal reported.
A&H and Signature Bank did not immediately respond to requests for comment. It is unclear who arranged the financing.
Celia Young can be contacted at [email protected].