First Republic gives $32M acquisition, building loan to West Village garage buyer

The entity 332 W 11 Holding LLC as borrower signed a purchase and building loan agreement with lender First Republic Bank valued at $32.2 million for 1 parcel, including the tax class garage with two or more stories (G1) at 332 West 11th Street in West Village. The deal closed on December 21, 2020 and was recorded on December 31, 2020.
The anonymous buyer acquired the building simultaneously for $26 million.
The property contains a total of 24,840 square feet of built space.
The average loan per buildable square foot is $1,296.
This is a construction and acquisition loan to develop a commercial property, according to a PincusCo analysis of the loan documents. The loan includes $15.5 million as an acquisition loan and $16.7 million as a building loan. There are no building plans filed as of the loan recording date.

Apart from this loan, First Republic has provided three other new construction loans in the past year, an analysis of PincusCo loan data shows, with the largest $11.75 million.

Direct link to Acris document. link