German School Brooklyn ups debt to $26M with construction loan in Crown Heights

German School Brooklyn as borrower signed a loan agreement with lender CLI Capital and Zions Bancorporation valued at $25.7 million for 1 parcel, including the tax class parochial schools, yeshivas (W2) at 116 Rogers Avenue in Brooklyn. The deal closed on February 1, 2020 and was recorded on March 3, 2020.

The last time the property sold was January 23, 2020, for $7,100,000. The total debt package includes $8.3 million already provided by CLI, $12.95 million in construction financing from CLI, and $4.4 million from Zions as trustee for bondholders.

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

Correction: A prior version of this post misidentified the name of CLI Capital.