HELP USA signs $73.4M construction loan for 184-unit development in East New York

HELP USA through the entity Help Sutter A Housing Development Fund Corporation as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $73.4 million for the 184-unit project at 273 Snediker Avenue in East New York, Brooklyn.
The deal closed on December 22, 2021 and was recorded on February 4, 2022.
The property has 123,910 square feet of built space and 161,500 square feet of additional air rights for a total buildable of 285,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $592 and the price per buildable square foot is $257 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 HELP USA was David Cleghorn.
(321592825) Plans for a 184-unit, 189,907 square-foot R-2 were filed on August 17, 2020.
Cleghorn is chief housing officer with HELP USA.
In East New York, the bulk, or 31 percent of the 68.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, East New York has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, East New York has 2.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 89 percent of the 139,422 square feet of built space are hotel buildings, with residential walkup buildings next occupying 11 percent of the space.
Within a 400-foot radius of 273 Snediker Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Cyrous Akhavan borrowed $6 million from CPC Funding secured by the 2,286-square-foot, three-unit three-family building (C0) on 291 Hinsdale Street and 12 other properties on June 21, 2021.

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