Aurora, Eastern Capital get extension for $10.5M in debt from Bank Hapoalim for W’burg condos

Aurora Capital Associates and Eastern Capital Group through the entity Bedford Acquisitions, L.L.C. as borrower signed a loan modification and extension agreement with lender Bank Hapoalim valued at $10.5 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 9 residential units at 138 North 10th Street in Williamsburg. The deal closed on March 1, 2020 and was recorded on June 11, 2020.
The property contains a total of 17,500 square feet of built space.
The average loan per buildable square foot is $464.
Aurora led by Bobby Cayre and Eastern Capital through signatory Eli Hamway, extended and modified the construction loan, with an original balance of $11 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 9 residential units on December 27, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 15,045 square feet. Those plans include a total of 9 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link