Cayre Equities gets $25.2M construction loan for self-storage conversion in Crown Heights

Cayre Equities through the entity 1260 Atlantic Avenue LLC as borrower signed a rehabilitation construction loan agreement with lender Bank Hapoalim valued at $25.2 million for 1 parcel, including the tax class fireproof warehouse (E1) at 1260 Atlantic Avenue in Crown Heights. The deal closed on June 5, 2020 and was recorded on August 12, 2020. The signatory for the borrower was Kenneth Cayre.

The financing includes a $7.8 million building loan, a $4.35 million project loan and a refinance of a $13 million land loan. The last time the property sold was January 29, 2019, when Cayre bought it for $23.5 million.

Cayre filed a $3.1 million plan in 2019 to convert the 90,991 square foot warehouse into a self-storage building.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link