Cobble Hill LifeCare signs $28.3M refi with Bank of America in Cobble Hill

Cobble Hill LifeCare through the entity Cobble Hill Health Center, Inc. as borrower signed a refi loan with lender Bank of America valued at $28.3 million for the specialty building (I6) at 380 Henry Street in Cobble Hill, Brooklyn.
The deal closed on December 9, 2022 and was recorded on December 22, 2022. The prior lender was Bank of America which held debt that had an original loan amount of $48.2 million. The property has 156,840 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $180 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 signatory for Cobble Hill LifeCare was Donny Tuchman. The signatory for Bank of America was Sophia E. Love.

The property

The 380 Henry Street parcel has frontage of 233 feet and is 205 feet deep with a total lot size of 46,100 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $29.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received three DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Cobble Hill, the bulk, or 36 percent of the 1.6 million square feet of commercial built space are walkup buildings, with specialty buildings next occupying 35 percent of the space. In sales, Cobble Hill has had very little sales volume relative to other neighborhoods with $252 million in sales volume in the last two years. For development, Cobble Hill has had very little major development activity relative to other neighborhoods.It had 351,698 square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 21,366 square feet. It is a one-unit, 21,366-square-foot R-3 building developed by Jason Halpern with plans filed March 29, 2013 and permitted June 10, 2014.

all properties are specialty.

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