LIHC Investment signs $74M refi loan with ORIX Real Estate for rental in Nolita

LIHC Investment Group through the entity L.I.R.A. Apartments Co., L.P. as borrower signed a refi loan with lender ORIX Real Estate valued at $74 million for the 152-unit rental (D7) at 21 Spring Street in Nolita, Manhattan.
The deal closed on November 19, 2021 and was recorded on December 7, 2021.
The property has 184,900 square feet of built space and 34,187 square feet of additional air rights for a total buildable of 218,947 square feet according to PincusCo analysis of city data. The loan price per built square foot is $400 and the price per buildable square foot is $337 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for LIHC Investment Group was Charles P. Gendron.
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 were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1.1 million. One of the projects were to change the building from a RES to a R-2.
The owners according to the Department of Housing Preservation and Development include Charlie Gendron, head officer and Teresa Tota, agent. The business entities are Ry Management Co., Inc. and Lira Apartments.Co. L.P.
Within a 400-foot radius of 21 Spring Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were sales above $5 million totaling $20.1 million. The most recent of the two was Adam J. Semler who bought the 13,403-square-foot, 28-unit rental (C7) on 9 Spring Street for $11.2 million from Joanna Wong, Sarah-Wong Espaillat, and Eric Wong on December 2, 2021.
Of those six items, four were loans above $5 million totaling $67.8 million. The most recent of the four was Adam J. Semler which borrowed $6.6 million from New York Community Bank secured by the 13,403-square-foot, 28-unit rental (C7) on 9 Spring Street on December 2, 2021.

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