Elrob Realty signs $20M refi loan with Investors Bank for rental in Williamsburg

Elrob Realty LLC as borrower signed a refi loan with lender Investors Bank valued at $20 million for the 39-unit rental (D6) at 150 North 12th Street in Williamsburg, Brooklyn.
The deal closed on November 9, 2021 and was recorded on November 24, 2021.
The property has 59,333 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $337 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 Elrob Realty was Elizabeth Einhorn.
(302256412)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 51 residential units on December 4, 2019. (302256412) Plans for a 51-unit, 45,778 square-foot R-2 were filed on November 17, 2006 and were permitted on June 13, 2008.
The owners according to the Department of Housing Preservation and Development includes Robert Frenkel, head officer and Arvinder Lamba, site manager. The business entity is Elrob Realty Llc.
Within a 400-foot radius of 150 North 12th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $397,000 and one permit with a total initial cost of $1.5 million. The most recent of these two items was the filing on July 6, 2021 for a 38,649-square-foot R-2 building with 18 residential units at 119 North 11th Street.
Of those five items, three were loans above $5 million totaling $26.9 million. The most recent of the three was Empire Capital Holdings which borrowed $15.0 million from Hakimian Partners secured by the 25,059-square-foot, one-unit hotel (HB) on 156 North 12th Street and two other properties on July 30, 2021.

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