Cayre Equities gets $22M take out loan for new storage building in Tremont

Cayre Equities through the entity CS Hollers LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $22 million for 1 parcel, including the tax class fireproof warehouse (E1) at 2325 Hollers Avenue in Tremont. The deal closed on September 30, 2020 and was recorded on October 29, 2020.
The property contains a total of 100,279 square feet of built space.
The average loan per buildable square foot is $219.
This is a takeout loan to replace construction financing. The debt was increased by $4.2 million from the prior debt of $17.8 million given by Santander Bank.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on December 19, 2018.
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.There has been one new building permit application totaling 100,279 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link