Mequity Companies gets $35.1M construction loan from Cerberus for property in Flatiron

Mequity Companies through the entity Mequity E. 21st St. Owner LLC as borrower signed a loan agreement with lender Cerberus Real Estate Capital Management through the entity CRE Lender Sub II, LLC valued at $35.1 million for 1 parcel, including the tax class miscellaneous garage (G9) at 41 East 21st Street in Flatiron. The deal closed on January 20, 2021 and was recorded on February 5, 2021.
The property contains a total of 61,957 square feet of built space.
The average loan per buildable square foot is $567.
The financing is composed of a $17.1 million land loan, an $11.996 million building loan and a $5.98 million project loan. The last time the property sold was March 26, 2019 for $32,175,000.
Over the past five years, there have been 4 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 $3,661,852.0. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $560,000.

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