Flank borrows $66M from Colony Capital’s REIT Colony Credit Real Estate for mixed-use property in Williamsburg

Flank through the entity Freewythe LLC as borrower signed a loan agreement with lender Colony Capital’s REIT Colony Credit Real Estate through the entity Clnc Credit 6, LLC valued at $66.1 million for 360 Wythe Avenue in Williamsburg. The deal closed on October 24, 2019 and was recorded on November 19, 2019.
The property contains a total of 61,354 square feet of built space. The property has 86,786 square feet of available development rights.

The last time the property sold was April 1, 2016, for $36,200,000. AKS Capital Partners’s Keith Kurland, Aaron Appel, Jonathan Schwartz and Adam Schwartz arranged the financing, according to the Commercial Observer. The CO reported the total debt at $84 million, but only $66.1 million was recorded.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 9, 2018.
Over the past five years, there have been 5 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 $74,200. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $250,000.There has been one new building permit application totaling 77,922 square feet. Those plans include a total of 28 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link