Eric Miller borrows $40M from New York Community Bank to refi multifamily properties in Brooklyn
Landlord Eric Miller refinanced several Brooklyn rental properties with $40 million in loans from New York Community Bank in four separate transactions.
In the largest, Miller through the entity Westbury Flats LLC as borrower signed a loan agreement with lender New York Community Bank valued at $12.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 95 residential units at 2110 Westbury Court in Prospect Lefferts Gdns. The deal closed on April 6, 2020 and was recorded on April 13, 2020.
The property contains a total of 87,552 square feet of built space.
The average loan per unit is $134,211.
Over the past five years, there have been 2 NYC Department of Buildings permit applications 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 $20,000. Those filings sought to increase the number of residential units by 2 to 4 There was one renovation/alteration project (A2) applied for with a total estimated value of $40,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second, Miller through the entity Flatwood LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.9 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 66 residential units at 10 Midwood Street in Prospect Lefferts Gdns. The deal closed on April 6, 2020 and was recorded on April 13, 2020.
The property contains a total of 53,768 square feet of built space.
The average loan per unit is $165,106.
The last time the property sold was December 16, 2010, for $7,500,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the third, Miller through the entity Sterling 1633 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $9 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 70 residential units at 1633 Sterling Place in Crown Heights. The deal closed on April 6, 2020 and was recorded on April 13, 2020.
The property contains a total of 67,800 square feet of built space.
The average loan per unit is $128,100.
The last time the property sold was October 29, 2013, for $7,750,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the fourth, Miller through the entity Martense195 LLC as borrower signed a loan agreement with lender New York Community Bank through the entity New York Community Bank valued at $7.4 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 47 residential units at 779 Rogers Avenue in Flatbush. The deal closed on April 6, 2020 and was recorded on April 13, 2020.
The property contains a total of 40,120 square feet of built space.
The average loan per unit is $158,106.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link