Flank borrows $38M from Barings for rehabbed commercial property in Soho

Flank through the entity 165 Mercer Property Owner LLC as borrower signed a loan agreement with lender Barings Real Estate Credit Strategies VII valued at $38 million for 1 parcel, including the tax class garage with two or more stories (G1) at 165 Mercer Street in Soho. The deal closed on January 17, 2020 and was recorded on January 24, 2020.
The property contains a total of 26,700 square feet of built space.
The average loan per buildable square foot is $1,423.
M&T Bank provided a construction loan to convert the building from a garage into a retail and office building.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 27, 2019.
Over the past five years, there have been 6 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 $5,000,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $727,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link