Level One Holdings borrows $89M from Bank of Leumi USA for new construction in Boerum Hill

Level One Holdings through the entity 4th Avenue Development Owner LLC as borrower signed a loan agreement with lender Bank of Leumi USA, as administrative agent, valued at $88.5 million for the construction of a 100-unit residential building at 58 St Marks Place in Boerum Hill. The deal closed on October 17, 2019 and was recorded on October 25, 2019.

This is a construction financing, composed of $24.75 million to refinance the acquisition loan, $50.36 million in a building loan and $13.4 million in a project loan. Level One, led by co-founders Shlomi Avdoo and Robert Loheit, assembled the site and air rights in five separate transactions and filed plans for a 12-story building in February 2019.

Axonometric rendering of the project (Isaac & Stern Architects)

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $40,000. There has been one new building permit application totaling 133,230 square feet. Those plans include a total of 100 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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