Leser Group borrows $53M from TASE bondholders for property in Brooklyn, Bronx

Abraham Leser’s Leser Group through the entity 1440 Story, LLC (and others) as borrower signed a loan agreement to borrower from Tel Aviv Stock Exchange bondholders through the entity Mishmeret Trust Company Ltd. valued at $53 million for 13 parcels, including the tax class transient occupancy hotel (H3), apartment building, commercial building and vacant land at 419 Van Brunt Street, 411 Van Brunt Street, 115 Van Dyke Street, 1444 Story Avenue, 236 Richards Street, and others in Brooklyn and the Bronx. The deal closed on July 21, 2020 and was recorded on July 31, 2020.
The property has 288,665 square feet of built space and available development rights.
The average loan per buildable square foot is $184.
Leser Group sought up to $74 million in Tel Aviv Stock Exchange bond financing. The financing package included new debt through a gap loan valued at $21.6 million. The Leser Group recently refinanced $35 million with Cross River Bank.

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