Piermont Properties borrows $29.3M in construction financing from Bank OZK for development in Holliswood

Piermont Properties through the entity 188-11 Hillside Partners LLC as borrower signed a new construction loan agreement with lender Bank OZK valued at $29.3 million for the development at 188-11 Hillside Avenue in Holliswood. The deal closed on May 20, 2020 and was recorded on June 26, 2020.

There has been one new building permit application totaling 72,308 square feet. Those plans include a total of 93 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
The property has 75,672 square feet of available development rights.
The average loan per buildable square foot is $310.
Meridian Capital Group’s Adam Hakim, James Murad and Andrew Iadeluca arranged the financing according to the Commercial Observer.

The last time the property sold was March 29, 2017, for $9,150,000. Michael Grey was the signatory for borrower. DOB filings give the unit count as 93 but the Commercial Observer reported the building will have 101 units and would be 120,905 square feet.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link