Grand Street Guild borrows $56M from Orix for property in Lower East Side

Grand Street Guild through the entity Southeast Grand Street Guild Housing Development as borrower signed a loan agreement with lender Orix Real Estate Capital, LLC valued at $55.9 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 200 residential units at 460 Grand Street in Lower East Side. The deal closed on October 21, 2020 and was recorded on October 27, 2020.
The property contains a total of 265,181 square feet of built space.
The average loan per unit is $279,425.
The loan matures in 35 years, in November 2055. This is for the HUD project Grand Street Guild South East. The owner entity is in care of Wavecrest Management.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $1,443,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link