Omni New York borrows $25M from KeyBank for 210-unit rental in Jamaica

Omni New York through the entity Baisley, L.P. as borrower signed a loan agreement with lender Keybank National Association valued at $25 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 210 residential units at 120-45 Sutphin Boulevard and 125-30 Sutphin Boulevard in Jamaica. The deal closed on December 23, 2020 and was recorded on January 6, 2021.
The property has 280,000 square feet of built space and available development rights.
The average loan per unit is $119,048.
The last time the property sold was July 31, 2008 for $15,622,534.
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