Cadman Towers in Brooklyn Heights signs $41.8M rehab construction loan

Cadman Towers Inc. as borrower signed a rehab construction loan with lender New York City Housing Development Corporation valued at $41.8 million for two co-ops including the 301-unit co-op (D4) at 101 Clark Street in Brooklyn, Brooklyn and 121-unit co-op (D4) at 10 Clinton Street in Brooklyn Heights, Brooklyn.
The deal closed on June 29, 2021 and was recorded on July 7, 2021.
The two properties have 663,159 square feet of built space and 125,401 square feet of additional air rights for a total buildable of 788,722 square feet according to PincusCo analysis of city data. The loan price per built square foot is $63 and the price per buildable square foot is $52 per the PincusCo analysis.
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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $779,016.
The owners according to the Department of Housing Preservation and Development includes Mary Frances Shaugnessy, head officer and Toba Potosky, officer. The business entity is Cadman Towers Inc.
Within a 400-foot radius of 101 Clark Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 4, 2019 for the $1.8 million renovation of the residential R-2 building with six residential units at 1 Monroe Place.
One of those two items was a loan which Benchmark Real Estate Group borrowed $35 million from MetLife secured by the 60,720-square-foot, 67-unit rental (D3) on 25 Monroe Place on March 24, 2020.

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