Kraus Organization obtained financing of $48M from New York Community Bank

Kraus Organization through the entity Hewes Mews Development L.P. as borrower signed a loan agreement with lender New York Community Bank valued at $48.0 million for 7 parcels, including the tax class multifamily, miscellaneous (D9) and containing 192 residential units at 393 South 2 Street, 389 South 2 Street, 402 South 2 Street, 408 South 2 Street, 409 Hewes Street, and others in Williamsburg. The deal closed on June 27, 2019 and was recorded on July 23, 2019.
The property contains a total of 153,110 square feet of built space.
The average loan per unit is $249,818.
The last time the property sold was January 04, 2005, for $15,350,000.

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