East Coast Acquisitions obtained financing of $20M from Benefit Street Partners CMBS

East Coast Acquisitions through the entity Eca Buligo Nostrand Partners, Lp as borrower signed a loan agreement with lender Benefit Street Partners CMBS through the entity Bsprt Cmbs Finance, LLC valued at $20.0 million for 1 parcel, including the tax class two-story or store and office (K2) at 3860 Nostrand Avenue in Sheepshead Bay. The deal closed on August 22, 2019 and was recorded on September 04, 2019.
The property contains a total of 66,496 square feet of built space. The property has 1,506 square feet of available development rights.
The average loan per buildable square foot is $294.
The last time the property sold was February 15, 2013, for $19,569,003.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 19, 2019.
Over the past five years, there have been 16 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 $100,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $1,636,685.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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