Co-living company Collective refis LIC Paper Factory hotel with $39M from Argentic

The co-living company The Collective through the entity Collective Paper Factory LLC as borrower signed a loan agreement with lender Argentic through Areit WH II LLC valued at $39 million for 1 parcel, including the tax class miscellaneous hotel (H9) for the Paper Factory hotel at 35-02 37th Avenue in Long Island City. The deal closed on April 1, 2021 and was recorded on April 9, 2021.
The property contains a total of 80,200 square feet of built space. The property has 80,200 square feet of available development rights.
The average loan per buildable square foot is $486.
The last time the property sold was March 18, 2019 for $58,000,000. The signatory for the 2019 loan was Reza Merchant, founder of the Collective.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,500,000.0. Those filings sought to increase the number of residential units by 62 to 185 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $204,350.

Direct link to Acris document. link