City Urban Realty borrows $9M from Signature Bank for multifamily property in Williamsburg

Michael Alvandi’s City Urban Realty through the entity 326 Bedford Venture LLC as borrower signed a loan agreement with lender Signature Bank valued at $9 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 32 residential units at 326 Bedford Avenue in Williamsburg. The deal closed on May 4, 2020 and was recorded on June 8, 2020.
The property contains a total of 25,176 square feet of built space.
The average loan per unit is $281,250.
Stellar Management with 90 percent and City Urban Realty with 10 percent purchased the property on September 6, 2018, for $12 million.

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