Borough Equities gets $17M construction loan from Klirmark Capital for 12-unit LES project

Borough Equities through the entity 66 Clinton Holdings LLC as borrower signed a new construction loan agreement with lender Klirmark Capital through the entity KM My 66 Clinton Senior Financing, Limited, valued at $17 million for 1 parcel at 66 Clinton Street in the Lower East Side. The deal closed on October 2, 2020 and was recorded on November 5, 2020.
The property has 16,356 square feet of available development rights.
The average loan per unit is $1,039.
The signatory for the borrower was Michael Bauer, co-founder of Borough Equities.  The last time the property sold was May 1, 2019, for $8,700,000. The representative for Klirmark was Chai Natovich. The prior lender was Knighthead Funding.

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 16,040 square feet. Those plans include a total of 12 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
The signatory for the buyer or lender was Chai Natovich