East Group Capital replaces Urban Standard debt with $6.5M from Bayport Funding for property in Boerum Hill

Itay Gamliel’s East Group Capital through the entity 328 Atlantic LLC as borrower signed a loan agreement with lender Bayport Funding valued at $6.5 million for 1 parcel containing 4 residential units at 328 Atlantic Avenue in Boerum Hill. The deal closed on July 7, 2020 and was recorded on July 24, 2020.
The property contains a total of 8,089 square feet of built space.
The average loan per buildable square foot is $803.
The signatory for the borrower was Itay Gamliel. The financing replaced debt provided in 2019 by Seth Weissman’s Urban Standard Capital. The last time the property sold was January 29, 2019, for $4,150,000.

Over the past five years, there has been one NYC Department of Buildings permit application 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 $7,724.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link