Grand Street Guild refis 3rd LES project with $62M from Orix

Grand Street Guild through the entity Grand Street Guild Housing Development Fund Company as borrower signed a loan agreement with lender Orix Real Estate Capital, LLC valued at $61.9 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 400 residential units at 410 Grand Street in Lower East Side. The deal closed on October 22, 2020 and was recorded on November 9, 2020.
The property contains a total of 225,000 square feet of built space. The property has 112,064 square feet of available development rights.
The average loan per unit is $154,730.
This is the third loan for the nonprofit Grand Street Guild that the Japan-based Orix has refinanced in the past month. This loan package refinanced a loan for the same amount provided by the Orix subsidiary Red Mortgage Capital.

The other two Orix loans included one for $52.8 million and the another was for $56 million.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $3,269,850.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Molly Haywood