Hampshire Properties borrows $92M from Berkshire Group for new 302-unit property in Midwood

Hampshire Properties through the entity 1277 Holdings LLC as borrower signed a loan agreement with lender Berkshire Group through the entity Mf1 Capital LLC valued at $92.1 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 302 residential units at 1263 East 14th Street in Midwood. The deal closed on September 16, 2020 and was recorded on October 22, 2020.
The property contains a total of 382,162 square feet of built space.
The average loan per unit is $304,901.
The lender is an affiliate of Berkshire.  The last time the property sold was July 25, 2014, for $20,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 302 residential units on September 23, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 276,761 square feet. Those plans include a total of 302 residential units. 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