Alma Realty refis with $48M loan from Deutsche Bank for 216 units in Crown Heights

November 13, 2020 7:28 am

Alma Realty borrowed $48 million from Deutsche Bank for two buildings in Crown Heights with 216 units in two separate transactions.

In the first, Alma Realty through the entity 467-75 St. Marks AE Assoc. LLC as borrower signed a loan agreement with lender Deutsche Bank valued at $30 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 133 residential units at 880 Bergen Street in Crown Heights. The deal closed on November 2, 2020 and was recorded on November 12, 2020.
The property contains a total of 141,019 square feet of built space.
The average loan per unit is $225,564.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 133 residential units on June 9, 2017.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,145,534. Those filings sought to increase the number of residential units by 13 to 133 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $96,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Alma Realty through the entity 523 Prospect Place LLC as borrower signed a loan agreement with lender Deutsche Bank valued at $18.0 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 83 residential units at 464 St Marks Avenue in Crown Heights. The deal closed on November 2, 2020 and was recorded on November 12, 2020.
The property contains a total of 44,730 square feet of built space. The property has 72,154 square feet of available development rights.
The average loan per unit is $216,867.

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

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