Larry A. Wohl obtains $15.5M gap loan as part of $25M in debt for Brooklyn office

Larry A. Wohl through the entity Joralemon Associates LLC as borrower signed a loan agreement with lender CUNA Mutual Group through the entity CMFG Life Insurance Company valued at $25 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 186 Joralemon Street in Brooklyn Heights. The deal closed on April 30, 2020 and was recorded on May 11, 2020.
The property contains a total of 79,900 square feet of built space.
The average loan per buildable square foot is $313.
The debt package refinances $12.4 million from CUNA given in 2011, and adds a $15.5 million gap loan. Wohl, as manager, signed the loan documents. Wohl controls Joseph P. Day Realty.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 29, 2012.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $3,124,467.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link