Carlyle Group signs $31.8M construction loan with Santander Bank for storage in Brownsville

Carlyle Group through 1203 E New York Ave Owner, L.L.C. as borrower signed a new construction loan with lender Santander Bank valued at $31.8 million for the development site (V1) at 1203 East New York Avenue in Brownsville, Brooklyn.
The deal closed on August 19, 2021 and was recorded on September 15, 2021.
(321593771) Plans for an 88,698 square-foot storage S-1 building were filed on June 20, 2019.
The price per buildable square foot is $358 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 November 4, 2020, for $13 million.

Within a 400-foot radius of 1203 East New York Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Shulem Herman bought the 19,416-square-foot, one-unit hotel (H3) on 1412 Pitkin Avenue for $10 million from Riverbrook Equities on March 23, 2020.
Of those three items, two were loans above $5 million totaling $15.2 million. The most recent of the two was Sury Herman which borrowed $7.6 million from Cross County Savings Bank secured by the 19,416-square-foot, one-unit hotel (H3) on 1412 Pitkin Avenue on October 22, 2020.

Direct link to Acris document. link