Epic signs $28M refi loan with SBT Advantage Bank for rental in Tribeca

Epic through the entity Epic Leonard LP as borrower signed a refi loan with lender Sterling Bancorp through the entity SBT Advantage Bank valued at $28 million for the 16-unit rental (D6) at 176 West Broadway in Tribeca, Manhattan.
The deal closed on July 15, 2021 and was recorded on July 27, 2021.
The property has 52,930 square feet of built space and 0 square feet of additional air rights for a total buildable of 37,233 square feet according to PincusCo analysis of city data. The loan price per built square foot is $529 per the PincusCo analysis.
At the same time, an interest in the property sold, valuing it as $40.8 million. Both buyer and seller were affiliates of Epic.
The signatory for Epic was Steven Elghanayan.
(103938045) Plans for a 16-unit, 0 square-foot J-2 were filed on October 12, 2004 and were permitted on October 23, 2007.
SBT is an affiliate of Sterling Bank and Trust which is an affiliate of Michigan-based Sterling Bancorp.
The owners according to the Department of Housing Preservation and Development includes Steven Elghanayan, head officer and Matthew Lefkowitz, officer.
Within a 400-foot radius of 176 West Broadway, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, four were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $4.1 million, one permit with a total initial cost of $4.6 million and one initial temporary certificate of occupancy issuance for a project that initially costed $430,000. The most recent of these four items was the filing on April 26, 2021 for a 14,540-square-foot residential R-2 building with seven residential units at 35 Worth Street.
Of those nine items, five were sales above $5 million totaling $1.7 billion. The most recent of the five was 24 Leonard, LLC which bought one condo unit in the 3,243-square-foot, 16-unit mixed-use building (RM) on 24 Leonard St for $11.2 million from 24 LEONARD PHE, LLC on March 12, 2021.

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