Canvas Property Group signs $22M refi loan with Greystone & Co. for two rentals in Brooklyn

Canvas Property Group through the entity 347/1381 Fee Owner LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $22 million for two rentals including the 24-unit rental (C7) at 1381 Myrtle Avenue in Bushwick, Brooklyn and 18-unit rental (D1) at 347 Lorimer Street in Williamsburg, Brooklyn.
The deal closed on July 13, 2021 and was recorded on September 27, 2021.
The two properties have 59,377 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $370 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 signatory for Canvas Property Group was Robert Morgenstern.
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. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $609,500.
Robert Morgenstern is the founder and managing principal of Canvas Property Group.
The owners according to the Department of Housing Preservation and Development includes Jonathan Vayner, head officer and Sabir Salem, site manager. The business entity is 1381 Myrtle Avenue Llc.

Direct link to Acris document. link