Blank Property signs $15M refi loan with Signature Bank for nine properties in Brooklyn

Blank Property Group through the entity 141 Devoe Street LLC as borrower signed a refi loan with lender Signature Bank valued at $15.0 million for nine properties including the four-unit four-family building (C3) at 614 Lorimer Street in Williamsburg, Brooklyn, four-unit mixed-use building (S4) at 445 Graham Avenue in Williamsburg, Brooklyn, and three-unit three-family building (C0) at 141 Devoe Street in Williamsburg, Brooklyn.
The deal closed on December 17, 2021 and was recorded on January 4, 2022.
The nine properties have 26,427 square feet of built space and 9,074 square feet of additional air rights for a total buildable of 35,295 square feet according to PincusCo analysis of city data. The loan price per built square foot is $567 and the price per buildable square foot is $424 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Blank Property Group was Samuel Blank. The signatory for Signature Bank was Aaron Greene.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The owners according to the Department of Housing Preservation and Development includes Paul Caine, head officer and Samuel Blank, shareholder. The business entity is 190 Norman Avenue Llc.

Within a 400-foot radius of 190 Norman Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Greenbrook Partners borrowed $10.1 million from Ladder Capital secured by the 5,220-square-foot, three-unit three-family building (C0) on 179 Norman Avenue and five other properties on October 1, 2021.

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