Developer signs $17.5M construction loan with Maxim Credit Group in Tribeca

The entity 62-64 Reade Street LLC as borrower signed a rehab construction loan with lender Maxim Credit Group valued at $17.5 million for two mixed-use buildings including the mixed-use building (K4) at 64 Reade Street in Tribeca, Manhattan and mixed-use building (K4) at 62 Reade Street in Tribeca, Manhattan.
The deal closed on August 31, 2021 and was recorded on September 16, 2021.
The two properties have 15,876 square feet of built space and 5,334 square feet of additional air rights for a total buildable of 21,202 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,102 and the price per buildable square foot is $825 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the borrower was was Eran Chen of the architecture firm ODA.

Within a 400-foot radius of 62 Reade Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, three were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $3.4 million. The most recent of these three items was the filing on December 8, 2020 for a 22,800-square-foot R-2 building with 10 residential units at 165 Church Street.
One of those 13 items was a sale which Premier Equities bought the 17,452-square-foot, one-unit hotel (HB) on 130 Duane Street for $18.0 million from Hersha Hospitality Trust on May 25, 2021.
Of those 13 items, nine were loans above $5 million totaling $128.5 million. The most recent of the nine was Premier Equities which borrowed $10.5 million from Metropolitan Commercial Bank secured by the 17,452-square-foot, one-unit hotel (HB) on 130 Duane Street on May 25, 2021.

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