Fairstead borrows $27M from Capital One for multifamily property in Crown Heights

Fairstead through the entity Plaza Apartments Owner LLC as borrower signed a loan agreement with lender Capital One valued at $27.4 million for 8 parcels, including the tax class multifamily, converted (D5) and containing 152 residential units at 212 Crown Street, 298 St Johns Place, 304 St Johns Place, and others in Crown Heights. The deal closed on December 9, 2019 and was recorded on December 24, 2019.
The property has 95,446 square feet of available development rights.
The average loan per unit is $180,579.
The property is operating with Section 8 tenant-based vouchers, according to a regulatory agreement filed at the time of this loan. The last time the property sold was May 28, 2015, when E&M Management bought it for $28,850,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $70,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link