Parkoff borrows $43.5M to finance multifamily purchase from Cammeby’s

The Parkoff Organization borrowed $43.5 million from New York Community Bank to finance the acquisition of three rental buildings from Cammeby’s International Group in three separate transactions.

In the first transaction, Parkoff Organization through the entity Belcrest Park Assets LLC as borrower signed a loan agreement with lender New York Community Bank valued at $15.6 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 105 residential units at 162-15 Highland Avenue in Jamaica Hills. The deal closed on July 23, 2020 and was recorded on July 28, 2020.
The property contains a total of 99,342 square feet of built space.
The average loan per unit is $148,333.
The financing for $43.5 million includes a total of $10 million in gap loans among the three properties. The prior debt totaling $36.2 million was originated by Beech Street Capital in 2013 and then securitized.

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 $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Parkoff Organization through the entity Fiesta Park Assets LLC as borrower signed a loan agreement with lender New York Community Bank valued at $14.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 120 residential units at 8635 21st Avenue in Bath Beach. The deal closed on July 23, 2020 and was recorded on July 28, 2020.
The property contains a total of 109,640 square feet of built space.
The average loan per unit is $116,667.

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

In the third, Parkoff Organization through the entity Chelsea Park Assets LLC as borrower signed a loan agreement with lender New York Community Bank valued at $14.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 125 residential units at 8700 25th Avenue in Gravesend. The deal closed on July 23, 2020 and was recorded on July 28, 2020.
The property contains a total of 120,870 square feet of built space.
The average loan per unit is $111,680.

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 $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link