Arbor Realty borrows $30M from New York Community for multifamily in Clinton Hill

Arbor Realty Trust through the entity 309-311 Washington Stone LLC as borrower signed a loan agreement with lender New York Community Bank valued at $30 million for 3 parcels, including the tax class multifamily, artists in residence (D2) and containing 78 residential units at 309 Washington Avenue, 250 Washington Avenue, 260 Washington Avenue in Clinton Hill. The deal closed on August 28, 2020 and was recorded on September 11, 2020.
The average loan per unit is $384,615.
The financing includes $6.5 million in new debt. William Connolly was signatory for the borrower.  The last time the property sold was September 22, 2016, for $12,412,897.

Over the past five years, there have been 18 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 18 renovation/alteration projects (A2) applied for with a total estimated value of $1,871,870.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link