Brooklyn North, RiverBrook sign $48.5M condo inventory loan with Northwind Group in Flatiron

Brooklyn North Capital and RiverBrook Equities through the entity 165 Lexington Partners LLC as borrower signed a refi loan with lender Northwind Group through the entity Nw Lex Senior LLC valued at $48.5 million for the 43-unit rental (D6) at 165 Lexington Avenue in Flatiron, Manhattan. The developers are constructing a residential condominium building. The Real Deal reported on the loan last week.
The deal closed on August 11, 2021 and was recorded on August 23, 2021.
(123480125) Plans for a 43-unit, 42,608 square-foot R-2 were filed on October 9, 2018 and were permitted on January 7, 2020.
The loan price per built square foot is $1,138 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 owner bought the property on 30-Oct-18, for $8.3 million.
The signatory for Brooklyn North Capital was Steven Mendel.

There was a condominium project filed with the address 165 Lexington Avenue and the name 165 Lexington Avenue Condominium (the) on February 25, 2020. The principals of the sponsor, 165 Lexington Partners Llc, were Guy Hochman, Menahem Chukroon, and Steven Mendel. link

Direct link to Acris document. link