iCross Holdings buys $15M note from Arbor secured by Hello Living project

iCross Holding affiliate NY Secured Funding LLC bought a note with an original principal of $15 million bridge loan from Arbor Realty Trust secured by Hello Living’s 43-unit rental (D3) at 2417 Albemarle Road in Flatbush, Brooklyn.
The deal closed on April 19, 2021 and was recorded on May 4, 2021. This property is subject to a lawsuit filed by Eli Karp and Hello Living against Arbor Realty Trust. In addition, iCross affiliate iCross Fund 4 sued Karp in February claiming a $2.5 million mezzanine loan was in default.
The property has 38,493 square feet of built space and 0 square feet of additional air rights for a total buildable of 35,276 square feet according to PincusCo analysis of city data.
The owner bought the property on March 25, 2014, for $2.3 million.
(320915505)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential units on October 25, 2018. (320915505) Plans for a 43-unit, 34732.0 square-foot R-2 were filed on April 18, 2014.
The owners according to the Department of Housing Preservation and Development includes Eli Karp, head officer and Rick Elezi, officer. The business entities are R.E.M. Residential and Hello Albemarle LLC.

Direct link to Acris document. link“