Daten Group borrows $20M as take-out loan from Israel Discount Bank for a new rental building in Clinton Hill

Daten Group through the entity 840 Fulton, LLC as borrower signed a loan agreement with lender Israel Discount Bank of New York valued at $20.0 million for 39 residential units at 840 Fulton Street in Clinton Hill. The deal closed on September 11, 2019 and was recorded on September 25, 2019.
The property contains a total of 38,266 square feet of built space with the tax class multifamily, semi-fireproof with stores (D7).
The average loan per unit is $512,821.
The last time the property sold was June 2, 2015, for $5,357,300.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 39 residential (or hotel) units on April 8, 2019.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $112,000.There has been one new building permit application totaling 20,755 square feet. Those plans include a total of 39 residential or hotel units. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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