Matt Beer obtained financing of $14M from One William Street Capital Management

Matt Beer through the entity Dtbg 56 Frost Street Owner LLC as borrower signed a loan agreement with lender One William Street Capital Management through the entity Ows Cf Vii Spv, LLC valued at $14.3 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 22 residential units at 56 Frost Street, 390 5 Avenue, 370 Baltic Street in East Williamsburg. The deal closed on July 29, 2019 and was recorded on August 28, 2019.
The property contains a total of 6,189 square feet of built space. The property has 1,071 square feet of available development rights.
The average loan per unit is $647,727.
The last time the property sold was June 25, 2019, for $6,300,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 8 residential (or hotel) units on October 23, 2017.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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