Meyer Equities borrows $20M from Urban Standard Capital for property in Garment District

Meyer Equities through the entity 265 W 37 Owner LLC as borrower signed a loan agreement with lender Urban Standard Capital through the entity Usc 265 W 37Th LLC valued at $20.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 540 8th Avenue in Garment District. The deal closed on January 14, 2021 and was recorded on February 18, 2021.
The property contains a total of 225,858 square feet of built space.
The average loan per buildable square foot is $89.
The loan includes a $5.4 million building loan.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $455,000.

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