Grand Street Guild borrows $52.8M from Orix Real Estate for 200 units in Lower East Side

Grand Street Guild through the entity Grand Street Guild East Housing Dev as borrower signed a loan agreement with lender Orix Real Estate Capital, LLC valued at $52.8 million for 1 parcel, including the tax class cooperative (D4) and containing 200 residential units at 131 Broome Street in Lower East Side. The deal closed on October 21, 2020 and was recorded on November 5, 2020.
The property contains a total of 231,417 square feet of built space. The property has 247,736 square feet of available development rights.

This refinanced a loan of the same amount provided by the Orix subsidiary Red Mortgage Capital. This is the second loan the Japan-based firm Orix has refinanced for Grand Street. The other was for $56 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on March 28, 2013.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,557,200. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link