Drew Popkin’s Highpoint Property Group borrows $14M from Iberiabank for newly built apartments in East Village

Drew Popkin’s Highpoint Property Group through the entity 436 And 442 East 13th Street Owner LLC as borrower signed a loan agreement with lender Iberiabank valued at $14 million for 2 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 12 residential units at 436 East 13th Street, 442 East 13th Street in the East Village. The deal closed on March 30, 2020 and was recorded on April 6, 2020.
The average loan per unit is $1,166,667.
The last time the property sold was March 29, 2019, for $12,370,800. The prior debt was an acquisition loan of $14.25 million from Thorofare Capital.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for 436 East 13th Street with 6 residential units on March 9, 2020 and 442 East 13th Street with 6 units on March 23, 2020.

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