Davean Holdings, Conway Capital borrow $8M from Argentic for LES multifamily

David Lloyd and Sean Lefkovits of Davean Holdings and Abe Cohen of Conway Capital through the entity 137 Rivington Owner LLC as borrower signed a loan agreement with lender Argentic Real Estate Finance LLC valued at $8.3 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 18 residential units at 137 Rivington Street in Lower East Side. The deal closed on February 24, 2020 and was recorded on March 2, 2020.
The property contains a total of 10,504 square feet of built space.
The average loan per unit is $461,111.
The last time the property sold was May 29, 2019, when the owners bought it for $9,250,000. At the time they took out a $6 million loan from First Republic Bank. That loan was assigned to Argentic, and a $2.2 million gap loan was added.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $145,020.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link