Meadow Partners refis $40.8M from Heitman Capital for property in Williamsburg

Meadow Partners through the entity 109 South 5 Property LLC as borrower signed a loan agreement with lender Heitman Capital Management through the entity Heitman Credit Acquisition Xxiii, LLC valued at $40.8 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 109 South 5th Street in Williamsburg. The deal closed on January 29, 2021 and was recorded on February 12, 2021.
The property contains a total of 63,033 square feet of built space.
The average loan per buildable square foot is $647.
This is an amendment to a 2017 loan of the same amount with the same lender affiliate. The last time the property sold was September 22, 2015 for $42,000,000.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $4,606,514.

Direct link to Acris document. link