Allied Property Group borrows $14M from Sterling for property in Brooklyn

Michael Chera’s Allied Property Group through the entity Fulton Gateway, LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $14.0 million for 3 parcels, including the tax class retail building with apartments above (K4) at 405 Fulton Street, 892 Flatbush Avenue, and 523 Fulton Street in Brooklyn. The deal closed on January 13, 2021 and was recorded on January 22, 2021.
The property has 136,730 square feet of built space and available development rights.
The average loan per buildable square foot is $102.
Michael Chera was the signatory for Allied.
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