Premier Equities signs $43M refi with Acadia Realty Trust for retail condo in SoHo

Premier Equities through the entity 57-63 Greene Realty, LLC as borrower signed a refi loan with lender Acadia Realty Trust through the entity 57-63 Greene Street NYC Lender LLC valued at $43 million for the office building (OT) at 57 Greene Street in SoHo, Manhattan.
The deal closed on September 17, 2021 and was recorded on September 29, 2021.
The property has 14,444 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $2,977 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on September 6, 2012, for $17.2 million.
The signatory for Premier Equities was Mark D. Mermel.
(121120768)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 23 residential units on October 25, 2016.
There was a condominium project filed with the address 57-63 Greene Street and the name 57-63 Greene Street Condominium on January 7, 2015. The principals of the sponsor, Tremada Greene Street Llc, were David Landes, Timothy Nelson, Babak Sotoodeh, Mark Pears, Trevor Pears, and David Pears. link

Within a 400-foot radius of 57 Greene Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $800,000, one permit with a total initial cost of $746,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $2 million. The most recent of these three items was the filing on December 22, 2020 for a 8,309-square-foot B building with no residential units at 52 Greene St.
Of those 10 items, four were sales above $5 million totaling $65.5 million.
Of those 10 items, three were loans above $5 million totaling $54.4 million. The most recent of the three was Albert Malekan which borrowed $22.9 million from SKW Funding and Bain Capital Credit secured by the 23,823-square-foot, eight-unit office building (O5) on 468 Broome Street on March 19, 2021.

Direct link to Acris document. link