Iliad Realty Group obtained financing of $67M from Silverstein Capital Partners

Iliad Realty Group through the entity Irg 67 LLC as borrower signed a loan agreement with Silverstein Capital Partner’s SCP JV I Lender LLC valued at $66.5 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 24 residential units at 260 West Street in Tribeca. The deal closed on July 26, 2019 and was recorded on August 22, 2019.
The property contains a total of 61,250 square feet of built space.
The average loan per unit is $2,770,833.
The last time the property sold was December 14, 2017, for $55,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 23 residential (or hotel) units on July 27, 2012.
Over the past five years, there have been 12 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 $6,657,800. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $2,924,020.There has been one new building permit application totaling 50,162 square feet. Those plans include a total of 42 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link