Maheshchand Ratanji signs $8M new construction loan with State Bank of Texas for hotel in Cypress Hills

Developer Maheshchand Ratanji through the entity 57 Sheffield LLC as borrower signed a new construction loan with lender State Bank of Texas valued at $8 million for the hotel (H3) at 49 Sheffield Avenue in Cypress Hills, Brooklyn.
The deal closed on April 14, 2021 and was recorded on April 30, 2021.
The property has 24,197 square feet of built space and 15,800 square feet of additional air rights for a total buildable of 40,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $330 and the price per buildable square foot is $200 per the PincusCo analysis.
The owner bought the property on 7-Sep-17, for $3.1 million.
The signatory for Maheshchand Ratanji was Maheshchand Ratanji.
(321074190) Plans for a 69-unit, 19,989-square-foot hotel (R-1) were filed on November 9, 2018.
This is an $8 million new construction loan, with $3.5 million in a building loan.

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