Gowanus Cubes signs $35M refi loan with Hirshmark Capital for properties in Brooklyn
Gowanus Cubes through the entity Mermaid Ave LLC as borrower signed a refi loan with lender Hirshmark Capital through the entity 126 4th Ave Funding LLC valued at $35 million for two properties including the 86-unit building at 2885 West 15th Street in Coney Island, Brooklyn, and the 56-unit rental (D1) at 126 4th Avenue in Gowanus, Brooklyn.
The deal closed on June 23, 2021 and was recorded on September 29, 2021.
The three properties have 183,073 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $191 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 signatory for Gowanus Cubes was Angelo Rigas. The signatory for Hirshmark Capital was Mark Lavin.
Hirshmark assigned the debt to Northeast Bank.
The owners according to the Department of Housing Preservation and Development include George Rigas, head officer and Antonia Bregianos, officer. The business entity is Prospect Equities, Llc.
Within a 400-foot radius of 126 4th Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on August 4, 2021 for a 21,848-square-foot R-2 building with 24 residential units at 601 Baltic Street.
One of those five items was a sale which 137 4th Ave LLC bought the 0-square-foot, eight-unit rental (D6) on 344 Butler Street for $7.0 million from Dalan Management on December 30, 2019.
Of those five items, two were loans above $5 million totaling $44.3 million. The most recent of the two was Yiannes Einhorn which borrowed $13.2 million from Midfirst Bank secured by the 1,728-square-foot development site (V1) on 122 4th Avenue and one other property on March 4, 2021.
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