KD Sagamore signs $35M condo inventory loan with Urban Standard in Lower East Side

KD Sagamore Capital through the entity Sagamore Ak Property Company LLC as borrower signed a refi loan with lender Urban Standard Development through the entity USC 199 Chrystie LLC valued at $35 million for the property with 14 residential units, one commercial unit, as well as parking and storage units at 199 Chrystie Street in the Lower East Side, Manhattan.
The deal closed on January 19, 2022 and was recorded on February 8, 2022. The prior lender was Bank OZK which held debt that had an original loan amount of $32 million.

The signatory for KD Sagamore Capital was Scott Kummings. The signatory for Urban Standard Development was Seth Weissman.

On the tax block, the majority, or 25 percent of the 559,602 square feet of built space are specialty buildings, with residential walkup buildings next occupying 25 percent of the space.
Within a 400-foot radius of 199 Chrystie Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $37.5 million. The most recent of the two was Omnia Group which bought the 9,600-square-foot industrial (I7) on 183 Chrystie Street for $19.5 million from Joel Fishkind on December 29, 2021.
Of those four items, two were loans above $5 million totaling $40 million. The most recent of the two was Omnia Group which borrowed $8 million from Bank Leumi secured by the 9,600-square-foot industrial (I7) on 183 Chrystie Street on December 29, 2021.

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