Hakimian Organization signs $10M refi loan with Apple Bank for rental in Nolita

The Hakimian Organization through the entity Mulberry Associates, LLC as borrower signed a refi loan with lender Apple Bank For Savings through the entity Apple Bank For Savings valued at $10 million for the 51-unit rental (D9) at 227-233 Mulberry Street in Nolita, Manhattan.
The deal closed on June 16, 2021 and was recorded on June 22, 2021.
The property has 67,300 square feet of built space and 0 square feet of additional air rights for a total buildable of 60,200 square feet according to PincusCo analysis of city data. The loan price per built square foot is $148 per the PincusCo analysis.
The signatory for Hakimian Organization was Behrouz Ben Hakimian.

Behrouz Ben Hakimian is founder and president of The Hakimian Organization. https://www.hakimian.com/?page=bios
The owners according to the Department of Housing Preservation and Development includes Ben Hakimian, head officer and Joe Hakimian, officer. The business entity is Mulberry Associates, Llc.
Within a 400-foot radius of 227-233 Mulberry Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which Adam J Semler bought the 10,995-square-foot, 23-unit rental (C7) on 240 Mulberry Street for $8.9 million from David Moore on April 29, 2021.
Of those five items, four were loans above $5 million totaling $101.6 million. The most recent of the four was Abington Properties which borrowed $20.1 million from Apple Bank For Savings secured by the 61,554-square-foot, 76-unit rental (D9) on 50 Prince Street on June 25, 2020.

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