Atlantic Developer signs $15M loan modification with Bank Hapoalim for land in Boerum Hill

Atlantic Developer through the entity Atlantic Gardens Residence LLC as borrower signed a loan modification with lender Bank Hapoalim through the entity Bank Hapoalim B.M. valued at $15 million for three properties including the land at 546 Atlantic Avenue in Boerum Hill, Brooklyn, development site (VN) at 537 Pacific Street in Boerum Hill, Brooklyn, and development site (VN) at 535 Pacific Street in Boerum Hill, Brooklyn.
The deal closed on April 9, 2021 and was recorded on April 28, 2021. The original $15 million loan was signed in 2018.
The three properties have 14,000 square feet of built space and 71,189 square feet of additional air rights for a total buildable of 85,201 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $176 per the PincusCo analysis.
The signatory for Atlantic Developer was Yossef Ariel. The signatory for Bank Hapoalim was Tal Shpaizer and Douglas Rutley.