Aurora Capital, Midtown Equities sign $43.5M construction loan with Centennial Bank for 121-unit development in Brooklyn Heights

Aurora Capital Associates and Midtown Equities through the entity 200 Sja Montague LLC as borrower signed a new construction loan with lender Centennial Bank valued at $43.5 million for the development (V1) at 200 Montague Street in Brooklyn Heights, Brooklyn.
The deal closed on July 27, 2021 and was recorded on August 24, 2021.
(321387352) Plans for a 121-unit, 110,000 square-foot R-2 were filed on April 1, 2019 and were permitted on February 5, 2021.
The loan price per buildable square foot is $395 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 16-Mar-07, for $25 million.
The signatory for Aurora and Midtown was Stanley Cayre.

Within a 400-foot radius of 200 Montague Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $626,000.0 and two initial temporary certificate of occupancy issuances for projects that initially costed $657,507. The most recent of these three items was the permit on September 1, 2020 for a 220,991-square-foot B building with no residential units at 195 Montague Street.
Of those eight items, five were loans above $5 million totaling $261.5 million. The most recent of the five was Midtown Equities which borrowed $40.0 million from M&T Bank secured by the 76,041-square-foot, five-unit office building (O5) on 205 Montague Street on July 9, 2021.

Correction: A prior version of this post identified the borrower as the Cayre Group.

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