Kushner Companies borrows $12.9M from Signature Bank to refi multifamily property in East Village

Kushner Companies through the entity Village JV 338 East 11th LLC as borrower signed a loan agreement with lender Signature Bank valued at $12.9 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 35 residential units at 338 East 11th Street, 340 East 11th Street in East Village. The deal closed on April 9, 2020 and was recorded on April 14, 2020.
he property has 18,995 square feet of available development rights.
The average loan per unit is $395,714.
Kushner and Signature took the remaining principal from a $13.85 million loan provided in 2015, and split it into two notes, one for $10 million and the other for $2.9 million. The last time the property sold was January 31, 2013, for $8,342,623.

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