Pan Am Equities obtained financing of $13M from People’s United Bank

Pan Am Equities through the entity 27 West 16Th Street LLC as borrower signed a loan agreement with lender People’s United Bank, National Association valued at $13.0 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 75 residential units at 27 West 16 Street in Flatiron. The deal closed on July 31, 2019 and was recorded on August 08, 2019.
The property contains a total of 55,376 square feet of built space. The property has 14,076 square feet of available development rights.
The average loan per unit is $173,333.
The last time the property sold was August 01, 2006, for $22,000,000.

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Direct link to the city’s interactive property map, ZOLA. link

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