Forum Absolute Capital Partners borrows $16.6M for property in West Village

Forum Absolute Capital Partners through the entity 401 West Property Owner LLC as borrower signed a loan agreement with lender Spice Securities Scoop SA Compartment 7 valued at $16.6 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 401 West Street in West Village. The deal closed on May 29, 2020 and was recorded on July 10, 2020.

The new financing adds a $2.6 million gap loan and a $2.03 million building loan. Churchill Real Estate Holdings assigned the $12 million in debt it refinanced in January 2020. The last time the property sold was November 15, 2016, for $12,750,000.

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 has been one new building permit application totaling 14,889 square feet. Those plans include a total of 10 residential units.
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