Empire Capital signs $15M refi with Hakimian Partners in Williamsburg

Empire Capital Holdings through the entity 147-149 Mccarren LLC as borrower signed a refi loan with lender Hakimian Partners valued at $15 million for a hotels (HB) at 156 North 12th Street in Williamsburg, Brooklyn.
The deal closed on July 22, 2021 and was recorded on July 30, 2021.
The three properties have 37,988 square feet of built space and 1,980 square feet of additional air rights for a total buildable of 27,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $394 per the PincusCo analysis.
The signatory for Empire Capital Holdings was Ebrahim Khalil and Arash Josh Rahmani. The signatory for Hakimian Partners was Daniel Nadri.

Within a 400-foot radius of 156 North 12th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 6, 2021 for the $397,000 renovation of a 38,649-square-foot R-2 building with 18 residential units at 119 North 11th Street.
Of those three items, two were loans above $5 million totaling $11.9 million. The most recent of the two was Joel Schwartz which borrowed $5.9 million from Starwood Mortgage Capital LLC secured by the 6,500-square-foot, eight-unit rental (C4) on 96 Bedford Avenue on February 25, 2020.

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