SK Development, CB Developers borrow $44.6M from Aareal Capital for property in West Village

SK Development and CB Developers through the entity 40 Gans Lessee LLC as borrower signed a loan agreement with lender Aareal Capital Corporation valued at $44.6 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 831 Greenwich Street in West Village. The deal closed on June 12, 2020 and was recorded on July 7, 2020.
The property contains a total of 47,800 square feet of built space.
The average loan per buildable square foot is $928.
The financing includes $15.55 million in a gap loan and replaces $29 million held by bondholders. Abram Shnay was the signatory for the borrowers.

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