Joseph Banda borrows $21M from Bank Leumi for newly built multifamily property in Crown Heights

Joseph Banda through the entity 495 St Johns LLC as borrower signed a loan agreement with lender Bank Leumi USA valued at $20.7 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 26 residential units at 495 St Johns Place in Crown Heights. The deal closed on February 14, 2020 and was recorded on February 20, 2020.

The average loan per unit is $795,806.
The last time the property sold was October 20, 2017, for $5,450,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 26 residential units on December 6, 2019.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 17,511 square feet. Those plans include a total of 26 residential units. There have been 4 demolition projects filed over the past five years. The demolition included 6 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link