Fairstead, NYC Housing Partnership borrow $50M from Suntrust Bank for multifamily property in Sunset Park

Fairstead and NYC Housing Partnership through the entity Sunset Park Owner I LLC as borrower signed a loan agreement with lender Suntrust Bank valued at $50.0 million for 18 parcels, including the tax class multifamily, over six families without stores (C1) and containing 187 residential units at 5319 6th Avenue, 5213 6th Avenue, 5211 6th Avenue, 5209 6th Avenue, 5207 6th Avenue, and others in Sunset Park. The deal closed on November 21, 2019 and was recorded on December 9, 2019.

The average loan per unit is $267,379.
The last time the property sold was June 13, 2017, for $45,839,605.

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

Correction: An earlier version of this post used an outdated name for Fairstead.