Arch Companies records $47.5M loan transfer from Maxim for Sela Group properties

Arch Companies recorded that it has taken title to loans with a maximum principal amount of $47.5 million from Maxim Credit Group, in a move alluded to in a lawsuit filed last month by Gal Sela which challenged a notice of loan default made by Arch after it took title to the loans.

Maxim Credit Group sold the loans with an original principal value of $47.5 million to Arch Companies, and simultaneously, Maxim lent money to Arch. The Sela Group is led by Gal Sela.
The deal closed on August 28, 2020 and was recorded on October 8, 2020.

The $47.5 million in loans is secured by properties including 29 Ryerson Street and 256 Flushing Avenue in Clinton Hill and 39-35 27th Street in Long Island City, notified Sela it had assigned the senior portion of that debt to Arch on August 31, 2020,

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $155,000.There has been one new building permit application totaling 28,350 square feet. Those plans include a total of 76 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link