7-29 Hegeman LLC borrows $20.3M from New York Community Bank for 172-unit rental in Brownsville

The entity 7-29 Hegeman LLC as borrower signed a loan agreement with lender New York Community Bank valued at $20.3 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 172 residential units at 7 Hegeman Avenue in Brownsville. The deal closed on February 17, 2021 and was recorded on March 1, 2021.
The property contains a total of 158,620 square feet of built space.
The average loan per unit is $118,017.
The financing includes a $9.3 million gap loan. The last time the property sold was November 1, 2012 for $22,000,000.
Over the past five years, there have been 2 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 $61,730.

Clarification: The post was updated to remove the buyer name.

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