L3 Capital borrows $90.5M from Ladder Capital Finance for purchase of 16 parcels in Williamsburg

Domenic Lanni’s L3 Capital through the entity L3 81-83-N 6 LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $90.5 million for 16 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) and containing 9 residential units at 133 Kent Avenue, 131 Kent Avenue, 104 North 7th Street, 106 North 7th Street, 108 North 7th Street, and others in Williamsburg. The deal closed on December 26, 2019 and was recorded on January 9, 2020.

This is an acquisition loan for L3’s $148 million purchase of the properties. The seller was a joint venture of L3 and ASB Real Estate Investments. Prior to this loan from Ladder, the prior owning join venture had no debt recorded on the properties.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 2 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link