Pacolet Millican cuts debt to $33M on multifamily property in Williamsburg

Pacolet Millican through the entity 223 North 8th Street Owner, LLC as borrower signed a loan agreement with lender MUFG Union Bank valued at $33 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 95 residential units at 223 North 8th Street in Williamsburg. The deal closed on February 28, 2020 and was recorded on March 4, 2020.
The property contains a total of 86,700 square feet of built space.
The average loan per unit is $347,368.
The last time the property sold was December 5, 2016, when Pacolet bought the building for $68,875,000. Pacolet at the time borrowed $42.5 million from Holliday Fenoglio Fowler, which assigned the debt to Freddi Mac.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 95 residential (or hotel) units on June 2, 2016.
Over the past five years, there have been 3 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 $100,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link