Bayrock Capital borrows $35M from Merchants Capital to refi multifamily property in Hollis

Bayrock Capital with signatory Daniel Rabinowitz through the entity BR Jamaica Partners LLC as borrower signed a loan agreement with lender Merchants Capital valued at $35.4 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 133 residential units at 202-05 Jamaica Avenue, Jamaica Avenue, 201-11 Jamaica Avenue in Hollis. The deal closed on April 8, 2020 and was recorded on April 15, 2020.
The property has 65,000 square feet of available development rights.
The average loan per unit is $235,226.
The last time at least one of the properties sold was June 26, 2018, for $9,041,666.

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 $159,050.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link