CW Realty Group signs $33.1M construction loan with Bank Hapoalim for 59-unit project in Vinegar Hill

CW Realty Group through the entity 251 Front LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $33.1 million for the industrial building at 68 Gold Street in Vinegar Hill, Brooklyn.
The deal closed on January 24, 2022 and was recorded on February 7, 2022. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $10.3 million.

The owner bought the property on June 19, 2020, for $20.2 million.
The signatory for CW Realty Group was Mark Friedman and Neal Einhorn. The signatory for Bank Hapoalim was Steve Caligor and Gregory Nuber.
(321589884) Plans for a 59-unit, 39,818 square-foot R-2 were filed on April 7, 2020 and were permitted on May 27, 2021.
CW Realty is located at the same address as owner LLC.
In Vinegar Hill, the majority, or 62 percent of the 2.3 million square feet of built space are residential elevator buildings, with office buildings next occupying 12 percent of the space. In sales, Vinegar Hill has had very little sales volume relative to other neighborhoods with $87.4 million in sales volume in the last two years. For development, Vinegar Hill has had very little major development activity relative to other neighborhoods.It had 54,302 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 71 percent of the 230,741 square feet of built space are office buildings, with 1-4 family buildings next occupying 17 percent of the space.
Within a 400-foot radius of 68 Gold Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on December 30, 2021 for a 147,196-square-foot R-2 building with 218 residential units at 218 Front Street.
One of those six items was a sale which Urban Realty Partners bought the 41,871-square-foot, one-unit industrial (E1) on 218 Front Street for $48.5 million from Emily M. Wang on November 8, 2021.
Of those six items, three were loans above $5 million totaling $71.8 million. The most recent of the three was HK Organization which borrowed $26.8 million from Athene Holding secured by the 109,875-square-foot, 88-unit rental (D5) on 99 Gold Street on January 26, 2022.

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