DLJ Real Estate borrows $35M from Sterling National Bank for multifamily property in Williamsburg

DLJ Real Estate Capital Partners through the entity 151 Kent Avenue Owner, LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $35 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 50 residential units at 151 Kent Avenue in Williamsburg. The deal closed on March 20, 2020 and was recorded on March 24, 2020.
The property contains a total of 54,000 square feet of built space. The property has 75,378 square feet of available development rights.
The average loan per unit is $700,000.
The last time the property sold was April 11, 2019, when DLJ bought it for $41,250,000. This is the first debt DLJ has take on the property since the purchase.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,168,800. Those filings sought to increase the number of residential units by 46 to 46 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $291,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link