Meadow Partners signs $27M refi with Sterling National Bank for rental in East Village

Meadow Partners through the entity MP 14th Street Property LLC as borrower signed a refi loan with lender Sterling National Bank valued at $27 million for the 45-unit rental (C7) at 426 East 14th Street in East Village, Manhattan.
The deal closed on September 9, 2021 and was recorded on September 27, 2021.
The property has 31,875 square feet of built space and 2,680 square feet of additional air rights for a total buildable of 34,588 square feet according to PincusCo analysis of city data. The loan price per built square foot is $847 and the price per buildable square foot is $780 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 owner bought the property on August 14, 2018, for $28.2 million.
The signatory for Meadow Partners was Jeffrey Kaplan.
Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2.5 million. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $1.3 million. One of the projects were to change the building from a RES to a R-2 and were permitted on August 27, 2019.
The owners according to the Department of Housing Preservation and Development includes Chris Jessip, head officer and Zaim Grdoc, site manager. The business entities are Canvas Property Group and Mp 14th Street Property Llc.

Within a 400-foot radius of 426 East 14th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on October 2, 2020 for a 10,589-square-foot R-2 building with 10 residential units at 204 Avenue A.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 16, 2019 for the $2.4 million renovation of 11,150-square-foot R-2 building with eight residential units at 202 Avenue A.
One of those nine items was a sale which Tsukaki Co., Ltd. bought the 9,992-square-foot, 10-unit rental (C7) on 205 Avenue A for $14.4 million from Icon Realty Management on June 9, 2021.
Of those nine items, six were loans above $5 million totaling $125.2 million. The most recent of the six was Icon Realty Management which borrowed $10 million from Bnb Bank secured by the 9,992-square-foot, 10-unit rental (C7) on 205 Avenue A on December 29, 2020.

Direct link to Acris document. link