Cayuga Capital signs $36M refi loan with Amherst Capital for 66-unit rental in Bushwick

Cayuga Capital Management through the entity 600 Bushwick LLC as borrower signed a refi loan with lender Amherst Capital Management through the entity Acm Cre Fund I-L, Lp valued at $36 million for two commercial condominium units (CC) that compose all of 594 Bushwick Avenue in Bushwick, Brooklyn, a 66-unit rental building with commercial space.
The deal closed on November 12, 2021 and was recorded on November 29, 2021.

The signatory for Cayuga Capital Management was Jacob L. Sacks.

Within a 400-foot radius of 594 Bushwick Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.1 million, one permit with a total initial cost of $461,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $3.6 million. The most recent of these three items was the permit on September 7, 2021 for a 3,259-square-foot A-2 building with 0 residential units at 613 Bushwick Avenue.
Of those seven items, four were loans above $5 million totaling $74 million. The most recent of the four was Wildenstein & Co. which borrowed $30 million from JPMorgan Chase secured by the 91,366-square-foot, 99-unit rental (D1) on 626 Bushwick Avenue on March 31, 2021.

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