Louis Greco gets $40M condo inventory loan from Silver Point Capital in Clinton Hill

Louis Greco through the entity 475 Wash Owner LLC as borrower signed a condo inventory loan with lender Silver Point Capital through the entity Silver Point Capital, LLC valued at $40 million for 93 condo units at 475 Washington Avenue in Clinton Hill, Brooklyn.
The deal closed on January 20, 2022 and was recorded on February 23, 2022. The prior lender was Fort Amsterdam Capital which held debt that had an original loan amount of $42.1 million.

The signatory for Second Development Services was Louis Greco Jr. The signatory for Silver Point Capital was Michael A. Gatto.

Louis Greco is general manager of Second Development Services.
On the tax block, the majority, or 40 percent of the 312,909 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 30 percent of the space.
Within a 400-foot radius of 475 Washington Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $68.2 million. The most recent of the four was Alma Realty which borrowed $13.6 million from JPMorgan Chase secured by the 67,680-square-foot, 36-unit rental (D1) on 500 Washington Avenue and two other properties on December 15, 2021.

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