Allure Group signs $56.3M refi with Dwight Capital for nursing home in Gravesend

Allure Group through the entity Sgrnc LLC as borrower signed a refi loan with lender Dwight Capital valued at $56.3 million for the King David Center for Nursing and Rehabilitation (N2) at 2266 Cropsey Avenue in Gravesend, Brooklyn.
The deal closed on July 20, 2021 and was recorded on August 3, 2021.
The property has 120,618 square feet of built space and 0 square feet of additional air rights for a total buildable of 114,093 square feet according to PincusCo analysis of city data. The loan price per built square foot is $466 per the PincusCo analysis. The price per foot analysis is simply the loan price divided by square feet as reported in public records and assumes no air rights have been sold.

The owner bought the property on 20-Jan-15, for $30.1 million.
The signatory for Allure Group was Solomon Rubin.
Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3.1 million. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1.3 million.

There has been one new building permit application Those plans include a total of 243 residential or hotel units.

Direct link to Acris document. link