Barry Leon borrows $39M from Urban Standard Capital for multifamily property in Clinton Hill

Barry Leon through the entity 475 Wash Owner LLC as borrower signed a loan agreement with lender Urban Standard Capital through the entity Usc 475 Washington LLC valued at $38.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 62 residential units at 475 Washington Avenue in Clinton Hill. The deal closed on November 15, 2019 and was recorded on December 12, 2019.
The property contains a total of 63,450 square feet of built space.
The average loan per unit is $609,460.
Urban Standard subsequently sold a senior participating interest in the debt to Axos Bank. In May 2018, G4 Capital Partners provided the prior debt which totaled $28.5 million, and which was assigned to Urban Standard as part of the new loan package.

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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $80,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link