Joel Schwartz borrows $52M as a take-out loan from Starwood Mortgage Capital for a new rental in Williamsburg

Joel Schwartz through the entity Grand Residences LLC as borrower signed a loan agreement with lender Starwood Mortgage Capital LLC valued at $52.0 million for 133 residential units at 310 South 1st Street in Williamsburg. The deal closed on May 31, 2019 and was recorded on September 25, 2019.
The property contains a total of 129,573 square feet of built space with the tax class multifamily, fireproof with stores (D6).
The average loan per unit is $390,977.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 133 residential (or hotel) units on November 8, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $60,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.