Brack Capital ups debt to $110.8M from Apollo-led group at planned UWS condo conversion

Brack Capital Real Estate through the entity BCRE West End Avenue Owner LLC as borrower signed a loan agreement with lender Apollo Global Management and other investors in the care of the law firm Yigal Arnon & Co. through the entity ACREFI Holdings J-I, LLC valued at $110.8 million for 1 parcel at 720 West End Avenue in the Upper West Side. The deal closed on July 29, 2020 and was recorded on August 7, 2020.
The property contains a total of 237,507 square feet of built space.
The average loan per buildable square foot is $466.
Brack Capital’s plans were disclosed in 2014 to buy the former Salvation Army senior home. The developer filed Department of Buildings plans in 2018, and news articles indicated it would be condominiums, however no plans have been filed with the New York Attorney General.  Brack bought the building for $108.75 million in October 2015. The Salvation Army provided seller financing of $38.75 million at the time.

The last residents moved out in December 2019.

The new financing includes a $72 million gap loan. The lenders are Apollo as well as investors in the care of the Tel Aviv-based law firm.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $21,213,840. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $777,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link