Brighton Beach co-op borrows $35M from Capital One

The 40-50 Brighton First Road Apartments Corp. as borrower signed a loan agreement with lender Capital One valued at $35 million for 1 parcel, including the tax class cooperative (D4) and containing 448 residential units at 40 Brighton 1st Street in Brighton Beach. The deal closed on January 28, 2021 and was recorded on February 4, 2021.
The property contains a total of 437,860 square feet of built space.
The average loan per unit is $78,125.
The financing included $15 million in new debt.

Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $1,710,310.
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