Benchmark Real Estate Group borrows $35M from Signature Bank to refi rental property in Tribeca

Jordan Vogel’s Benchmark Real Estate Group through the entity 41 White LP as borrower signed a loan agreement with lender Signature Bank valued at $35.3 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 24 residential units at 41 White Street and 43 White Street in Tribeca. The deal closed on March 6, 2020 and was recorded on April 1, 2020.
The property has 49,344 square feet of available development rights.
The average loan per unit is $1,470,833.
This is a refinance loan which includes a gap loan of $7.3 million. The last time the property sold was July 13, 2017, when Benchmark acquired the buidlings as part of an eight-property purchase for $141,500,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $244,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link