Cayuga Capital signs $30M refi with Bridgeinvest for mixed-use building in Williamsburg

Cayuga Capital Management through the entity 1 Nassau Owner LLC as borrower signed a refi loan with lender Bridgeinvest through the entity Bi 74 LLC valued at $30 million for the mixed-use building at 88 North 15th Street in Williamsburg, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 13, 2022. The prior lender was Knighthead Funding which held debt that had an original loan amount of $22 million.
The property has 34,538 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $868 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 May 5, 2017, for $3.5 million.
The signatory for Cayuga Capital Management was James P. Wiseman. The signatory for Bridgeinvest was Alex Horn.
(321383926)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 19, 2021.
James P. Wiseman is a principal of Cayuga Capital Management.

In Williamsburg, the majority, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood in the city. It had 5.1 million square feet of commercial construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 59 percent of the 84,538 square feet of built space are industrial buildings, with mixed-use buildings next occupying 41 percent of the space.
Within a 400-foot radius of 88 North 15th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Rabsky Group borrowed $30 million from Axos Bank secured by the 101,001-square-foot, seven-unit office building (O6) on 103 North 13th Street on February 10, 2020.

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