Est4te Four borrows $59M from Churchill Real Estate for unsold resi condo units in Red Hook

Massimiliano Senise’s Est4te Four through the entity Red Hook 160 LLC as borrower signed a loan agreement with lender Justin Ehrlich and Sorabh Maheshwari’s Churchill Real Estate (which was then assigned to Marathon Asset Management) valued at $59.0 million for 69 parcels, including the tax class residential condo in Acris (SC) and containing 69 residential units at 160 Imlay Street in Red Hook. The deal closed on December 27, 2019 and was recorded on January 9, 2020.

The average loan per unit is $855,072.
The Churchill financing replaces the $83.4 million Apollo Commercial Real Estate Finance provided in 2018. Also in December, 12 office and condominium units sold for a combined $15 million to an anonymous LLC.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 70 residential (or hotel) units on November 21, 2019.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link