Global Holdings Management signs $23M refi with Wells Fargo for rental in Williamsburg

Global Holdings Management through the entity 424 Bedford Associates LLC as borrower signed a refi loan with lender Wells Fargo valued at $23 million for the 66-unit rental (D1) at 110 South 8th Street in Williamsburg, Brooklyn.
The deal closed on November 30, 2021 and was recorded on December 21, 2021.
The property has 63,866 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $360 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on January 11, 2019, for $43.8 million.
The signatory for Global Holdings Management was Peter L. Allen.
(302199868) Plans for a 66-unit, R-2 were filed on July 24, 2006 and were permitted on May 23, 2008.
Global Holdings Management is located at the same address as owner LLC.
The owners according to the Department of Housing Preservation and Development includes Peter Allen, head officer and Andrea Heon, agent. The business entities are Greystar and 424 Bedford Associates Llc.
Within a 400-foot radius of 110 South 8th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $343,258, one permit with a total initial cost of $1.4 million and one initial temporary certificate of occupancy issuance for a project that initially costed $393,900. The most recent of these three items was the temporary certificate of occupancy on December 1, 2020 for a 22,205-square-foot M building with no residential units at 134 Broadway.
One of those four items was a loan which Pincus Neiman borrowed $7.1 million from Broadway And Berry Associates L.P. secured by the 46,032-square-foot, 51-unit rental (D7) on 100 Broadway on December 8, 2020.

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