Caro Ent. signs $37.3M loan with Hines Realty for rental in Williamsburg

Caro Enterprises through Williamsburg Lofts, LLC as borrower signed a loan with lender Hines Realty Income Fund through the entity 390 Wythe Avenue Capital LLC valued at $37.3 million for the 69-unit rental (D7) at 390 Wythe Avenue in Williamsburg, Brooklyn.
The deal closed on June 9, 2021 and was recorded on July 14, 2021.
The property has 54,528 square feet of built space and 0 square feet of additional air rights for a total buildable of 22,963 square feet according to PincusCo analysis of city data. The loan price per built square foot is $684 per the PincusCo analysis.
The owner bought the property on October 30, 2008, for $12.5 million.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a COM to a R-2and change the number of residential units from 0 to 69 and were permitted on July 23, 2009.
The owners according to the Department of Housing Preservation and Development includes Christian Pompa, individual owner and Candice Aqui, agent. The business entity is Williamsburg Lofts, Llc.
Within a 400-foot radius of 390 Wythe Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on October 20, 2020 for the $1.1 million renovation of 5,224-square-foot R-2 building with four residential units at 89 South 4th Street.

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