Elad Group signs $88.9M condo inventory loan with G4 in Civic Center
Elad Group through the entity Civic Center Community Group Broadway LLC as borrower signed a refi loan with lender G4 Capital Partners through the entity G4 18250, LLC valued at $88.9 million for 48 unsold condominium units including 45 residential units two retail units and a parking garage unit, at 108 Leonard Street in Civic Center, Manhattan.
The deal closed on May 23, 2023 and was recorded on May 31, 2023. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $184.4 million.
The 48 units have 125,586 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $707 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 Elad Group was Orly Daniell. The signatory for G4 Capital Partners was Robyn Sorid. This is a condo inventory loan.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
On these lots, there was one active major alteration construction project for a 167-unit, 368,180 square-foot R-2 building. The project was submitted by Yoel Shargian of the Elad Group with plans filed May 22, 2014 and permitted May 18, 2017. On the tax lot, the most recent condominium plan was filed by CIVIC CENTER COMMUNITY GROUP BROADWAY LLC to create 152 residential units in a building at 346 Broadway in Civic Center, Manhattan, called 108 Leonard Condominium that has a $637.7 million sellout, according to an November 14, 2016 submission to the New York State Attorney General. The principal of the sponsor, CIVIC CENTER COMMUNITY GROUP BROADWAY LLC, was Orly Daniell.
The block
On the tax block of 46 Lafayette Street, PincusCo has identified the owners of two of the two commercial properties representing 559,336 square feet of the 559,336 square feet. The two identified owners are Zucker Organization and Anthony Mota.
There are no active new building construction projects on this tax block.
All properties are elevator.
The borrower
The PincusCo database currently indicates that Elad Group owned at least three projects. The portfolio tracked by PincusCo shows $402.9 million in debt, with top three lenders as Lionheart Strategic Management, Valley National Bank, and Kriss Capital respectively.
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