Carlyle Group borrows $60M from Walker & Dunlop for 105-unit rental in Fulton Ferry

Carlyle Group through the entity 177 Front Property Owner, L.L.C. as borrower signed a loan agreement with lender Walker & Dunlop, LLC valued at $60 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 105 residential units at 177 Front Street in Fulton Ferry, Brooklyn. The deal closed on September 18, 2020 and was recorded on October 6, 2020.
The property contains a total of 136,730 square feet of built space.
The average loan per unit is $571,429.
The borrower obtained a $1.5 million gap loan. Jason Hart was the signatory for the borrower.  The last time the property sold was May 13, 2014, for $21,350,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 105 residential (or hotel) units on July 6, 2018.
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 has been one new building permit application totaling 105,899 square feet. Those plans include a total of 105 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link