Meadow Partners signs $43.5M refi loan with Fortress Investment for 12 properties in NYC

Meadow Partners through the entity 143 Noble Street Owner LLC as borrower signed a refi loan with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $43.5 million for 12 properties including the six-unit mixed-use building (S9) at 164 1st Avenue in East Village, Manhattan, four-unit mixed-use building (S9) at 17 South William Street in Financial District, Manhattan, and eight-unit rental (C1) at 159 Newel Street in Greenpoint, Brooklyn.
The deal closed on December 10, 2021 and was recorded on January 4, 2022.
The 12 properties have 68,093 square feet of built space and 20,081 square feet of additional air rights for a total buildable of 78,760 square feet according to PincusCo analysis of city data. The loan price per built square foot is $639 and the price per buildable square foot is $552 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 signatory for Meadow Partners was Timothy P. Yantz. The signatory for Fortress Investment Group was Constantine M. Dakolias.

This includes $27.5 million of new debt.

Direct link to Acris document. link