Cammeby’s signs a $33.85M refi with NewPoint for rental buildings in Queens, Brooklyn
Cammeby’s International Group signed a $33.85 million refinance with NewPoint Real Estate Capital for rental buildings in Queens and Brooklyn in two separate transactions. Prior to this, Cammeby’s has refinanced $575 million with NewPoint this year.
In the first, Cammeby’s International Group through the entity Green Park Essex Apartments Del LLC as borrower signed a refi loan with lender Newpoint Real Estate Capital LLC valued at $19.9 million for the 168-unit rental (D1) at 143-09 Barclay Avenue in Flushing, Queens.
The deal closed on October 29, 2021 and was recorded on December 23, 2021.
The property has 161,048 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $123 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 May 4, 2004, for $11.9 million.
The signatory for Cammeby’s International Group was Eli Schron.
The owners according to the Department of Housing Preservation and Development includes Jay Rosenfeld, head officer and Peter Lepore, site manager. The business entity is Green Park Essex Apts Del LLC.
Within a 400-foot radius of 143-09 Barclay Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on December 14, 2020 for a 29,468-square-foot R-2 building with 34 residential units at 143-16 41st Avenue.
Of those five items, four were loans above $5 million totaling $44.1 million. The most recent of the four was Brian Lin which borrowed $5.8 million from Cathay Bank secured by the 31,957-square-foot, 35-unit rental (D1) on 143-16 41st Avenue on November 15, 2021.
Direct link to Acris document. link
In the second, Cammeby’s International through the entity Falcon Apartments Del LLC as borrower signed a refi loan with lender Newpoint Real Estate Capital LLC valued at $13.9 million for the 122-unit rental (D1) at 8800 20th Avenue in Bath Beach, Brooklyn.
The deal closed on October 29, 2021 and was recorded on December 23, 2021.
The property has 112,712 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $123 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 May 4, 2004, for $11.1 million.
The signatory for Cammeby’s International was Eli Schron.
The owners according to the Department of Housing Preservation and Development includes Jay Rosenfeld, head officer and Peter Lepore, site manager. The business entity is Falcon Apartments Del Llc.
Direct link to Acris document. link