Chetrit, Read Property borrow $18.5M from Signature Bank for 51-unit rental in Williamsburg

Chetrit Group|Read Property Group through the entity 487 Keap LLC as borrower signed a loan agreement with lender Signature Bank valued at $18.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 51 residential units at 487 Keap Street in Williamsburg. The deal closed on March 25, 2021 and was recorded on April 8, 2021.
The property contains a total of 56,997 square feet of built space.
The average loan per unit is $362,745.
The signatory was Robert Wolf of Read Property.

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