Metropolitan Realty Group borrows $37M from ORIX Real Estate Capital for multifamily property in Crown Heights

Scott Jaffee’s Metropolitan Realty Group through the entity Union Street Houses Owners LLC as borrower signed a loan agreement with lender ORIX Real Estate Capital valued at $36.7 million for 6 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 119 residential units at 1678 Union Street, 1690 Union Street, 1751 Union Street, 1719 Union Street, 1715 Union Street, and others in Crown Heights. The deal closed on February 24, 2020 and was recorded on February 28, 2020.

The average loan per unit is $308,310.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $120,625.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link