Adam America signs $21.8M condo inventory loan with Bank Leumi in Boerum Hill

Adam America Real Estate through the entity 561 Pacific Street Owner LLC as borrower signed a refi loan with lender Bank Leumi valued at $21.8 million for 25 condominium units at 561 Pacific Street in Boerum Hill, Brooklyn.
The deal closed on August 27, 2021 and was recorded on September 17, 2021.
The 25 properties have 41,591 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $524 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Adam America Real Estate was Ron Vaksin.
(321193285) Plans for a 62-unit, 80,138 square-foot residential building R-2 were filed on May 15, 2017 and were permitted on June 26, 2018.
There was a condominium project filed with the address 561 Pacific Street and the name 561 Pacific Street Condominium (the) on December 12, 2017. The principals of the sponsor, 561 Pacific Street Owner Llc, were Omri Sachs, Dvir Cohen Hoshen, and Ron Vaskin. link

Within a 400-foot radius of 561 Pacific Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on March 5, 2021 for a 67,572-square-foot R-2 building with 43 residential units at 533 Pacific Street.
Of those six items, four were loans above $5 million totaling $93.7 million. The most recent of the four was Sterling Town Equities which borrowed $28.7 million from Bank Hapoalim secured by the 14,000-square-foot development site (V1) on 546 Atlantic Avenue and two other properties on August 25, 2021.

Direct link to Acris document. link