Kings Capital signed a $5.95M acquisition loan with Maxim Credit for rental in Little Italy

Kings Capital through the entity 140 Mulberry LLC as borrower signed an acquisition and rehab construction loan agreement with lender Maxim Credit Group valued at $5.95 million for the eight-unit rental (C7) at 140 Mulberry Street in Little Italy, Manhattan. The financing includes a $3.7 million land loan, a $1.75 million rehab building loan and a $500,000 project loan.
The deal closed on April 14, 2021 and was recorded on April 29, 2021.
The property has 9,490 square feet of built space and 5,865 square feet of additional air rights for a total buildable of 15,351 square feet according to PincusCo analysis of city data. The loan price per built square foot is $563 and the price per buildable square foot is $348 per the PincusCo analysis.
The signatory for Kings Capital was Jeff Znaty.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.