Fairstead Capital obtained financing of $33M from SunTrust Bank

Fairstead Capital through the entity 414 West 48Th Owner LLC as borrower signed a loan agreement with lender SunTrust Bank through the entity HP W48 Housing Development Fund Company, Inc valued at $33.0 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 54 residential units at 414 West 48 Street in Clinton. The deal closed on August 14, 2019 and was recorded on August 23, 2019.
The property contains a total of 57,700 square feet of built space. The property has 33,014 square feet of available development rights.
The average loan per unit is $610,430.
The last time the property sold was October 02, 2014, for $33,133,833.

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 $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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