Principal Global Investors borrows $87M from Massachusetts Mutual for multifamily property in Brooklyn

Iowa-based Principal Global Investors through the entity USPA 461 Dean, LLC as borrower signed a loan agreement with lender Massachusetts Mutual Life Insurance Company valued at $86.8 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 363 residential units at 461 Dean Street in Brooklyn. The deal closed on January 3, 2020 and was recorded on January 13, 2020.
The property contains a total of 333,280 square feet of built space.
The average loan per unit is $239,210.
The last time the property sold was March 27, 2018, when Principal bought it for $156,000,000. There was no debt taken out at the time. This is the first debt Principal has borrowed against this property.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 363 residential units on September 30, 2016.

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