Guan Yu Li obtains $35M construction loan from Madison Realty Capital in Borough Park

Guan Yu Li through the entity 12 Ave Real Property LLC as borrower signed a new construction loan agreement with lender Madison Realty Capital through the entity 6301 12th Avenue LLC valued at $35 million for one parcel at 1238 63rd Street in Borough Park, Brooklyn. The deal closed on August 12, 2020 and was recorded on August 27, 2020.

Barone Management acquired this parcel as part of a larger purchase in 2018 for $37.5 million from the Sisters of Mercy. Barone retains a portion of the original parcel, while the city’s School Construction Authority owns a piece and Guan Yu Li owns parcel that is lot 10, which is to be developed into a 141-unit residential building. The financing includes $16.7 million in a building loan, a $2.2 million project loan, a $7 million gap loan and refinancing of $9 million in existing debt.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link