Galil Management borrows $36M from Arbor Realty Trust for 113-unit rental in Prospect Heights

Galil Management through the entity 834 Pacific Owners LLC as borrower signed a loan agreement with lender Arbor Realty Sr, Inc. valued at $36.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 113 residential units at N/A Pacific Street in Prospect Heights. The deal closed on March 5, 2021 and was recorded on March 15, 2021.
The property contains a total of 78,762 square feet of built space.
The average loan per unit is $318,584.

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.

There has been one new building permit application Those plans include a total of 113 residential units.

There have been 3 demolition projects filed over the past five years. The demolition included 7 residential units.

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