Apex Investments signs $16.2M refi loan with Ellington Mgmt for new shelter in Greenpoint

Apex Investments through the entity 83-97 Apollo Leasehold LLC as borrower signed a refi loan with lender Ellington Management Group through the entity Emg Transfer Agent LLC valued at $16.2 million for the property at 83 Apollo Street in Greenpoint, Brooklyn. This is The Continental, a Safe Haven Shelter, North Brooklyn News reported.
The deal closed on May 24, 2024 and was recorded on June 14, 2024. The prior lender was Fundamental Advisors which held debt that had an original loan amount of $17.5 million.

The property has 33,882 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $478 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 Apex Investments was Kasra Sanandaji. The signatory for Ellington Management Group was Katherine Meagher.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 29,587 square feet of the 130,513 square feet. The two identified owners are Yong Hong Xu and Titan Industrial Services.
On the tax block, there was one new building construction project filed totaling 47,006 square feet. It is a 97-unit, 47,006 square-foot hotel/dormitory/shelter (R-1) building submitted by Apex Investments and filed by Kasra Sanaddaji with plans filed December 23, 2020 and permitted May 23, 2022.

The majority, or 55 percent of the 130,513 square feet of built space are industrial buildings, with hotel buildings next occupying 24 percent of the space.

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