Helm Equities signs $40M refi with Bellwether Enterprise for transient development in Coney Island

Helm Equities through the entity Neptune Avenue LLC as borrower signed a refi loan with lender Bellwether Enterprise through the entity Bellwether Enterprise Real Estate Capital, LLC valued at $40 million for the transient (H4) at 2201 Neptune Avenue in Coney Island, Brooklyn.
The deal closed on August 5, 2021 and was recorded on October 5, 2021.
The property has 93,504 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $427 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Helm Equities was David Escava.
(321583452)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 194 residential units on February 9, 2021.
Bellweather, based in Cleveland, is a subsidiary of the nonprofit Enterprise Community Partners.

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