Helm Equities borrows $25M from TD Bank to refi SRO in East Flatbush

David Escava and Ayal Horovits’s Helm Equities through the entity NG 1095 E 45th, LLC as borrower signed a loan agreement with lender TD Bank valued at $24.6 million for the 198-unit single room occupancy building at 1095 East 45th Street in East Flatbush. The deal closed on March 11, 2020 and was recorded on April 9, 2020.
The property contains a total of 116,178 square feet of built space.
The average loan per buildable square foot is $212.
This refinances a prior loan on the SRO totaling $26 million from Bethpage Federal Credit Union.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 198 residential units on October 15, 2014.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $137,500. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $234,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link