Dax Real Estate borrows $8M from Sterling National Bank to refi property in Greenpoint

Daniel Hedaya’s Dax Real Estate through the entity 195-197 Franklin Street LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $7.7 million for 2 parcels, including the tax class primarily five to six family with store or office (S5) and containing 12 residential units at 197 Franklin Street, 195 Franklin Street in Greenpoint. The deal closed on March 31, 2020 and was recorded on April 14, 2020.

The average loan per unit is $637,500.
Sterling National refinanced $5.6 million it provided in 2018 and added $2.1 million in new debt. The last time the property sold was October 11, 2018, for $7,600,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.There has been one new building permit application totaling 4,959 square feet. Those plans include a total of 4 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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