Arker, Domain borrow $62.3M from PNC Bank for Spring Creek Gardens in New Lots

Arker Companies and the Domain Companies through the entity Spring Creek Apartments Preservation LLC as borrower signed a loan agreement with lender PNC Bank valued at $62.3 million for 10 parcels, including the tax class commercial condominium unit (R5) and containing 582 residential units at 902 Drew Street and 901 Drew Street and others at Spring Creek Gardens in New Lots, Brooklyn. The deal closed on July 30, 2020 and was recorded on August 5, 2020.

The average loan per unit is $107,045.
The new debt replaces $48 million in two loans refinanced in 2009 and assigned to Freddie Mac.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link