Arker, Block Institute sign $30M refi with Signature Bank for five commercial condo units in East New York

Arker Companies and Block Institute through the entity Fountain Seaview A2 Commercial LLC as borrower signed a refi loan with lender Signature Bank through the entity Signature Bank valued at $30 million for five commercial condo units including at 911 Erskine Street in East New York, Brooklyn, at 702 Vandalia Avenue in East New York, Brooklyn, and at 10 Schroders Walk in East New York, Brooklyn.
The deal closed on August 20, 2021 and was recorded on November 4, 2021.
The five properties have 39,389 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $761 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 Arker Companies and Block Institute was Daniel Moritz and Scott Barkin.
(321195096)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 267 residential units on August 4, 2020.
This loan refinances an affordable housing project and replaces a construction loan from Bank of America. Arker is a long-time affordable housing developer. The https://blockinstitute.org/ is a nonprofit that provides services to children and adults with developmental disabilities.

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