Prop company signs $59M refi with Ladder for industrial in Ridgewood

The film prop and effects company Specialists Ltd. through the entity Mult Lots LLC as borrower signed a refi loan with lender Ladder Capital through the entity Ladder Capital Finance LLC valued at $59 million for the industrial building (OT) at 48-05 Metropolitan Avenue in Ridgewood, Queens.
The deal closed on November 10, 2021 and was recorded on November 30, 2021.

The owner bought the property on June 23, 2016, for $15.8 million.
The signatory for Specialists Ltd. was Richard Ryder Washburn III. The signatory for Ladder Capital was David Traitel.
(420651495)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 9, 2015.
The Specialists is a props and special effects company for the film and other industries. Richard Ryder Washburn III is the son of company founder Rick Washburn. This financing includes a $50.4 million gap loan. Hedge funder and conservative financier Robert Mercer is a co-guarantor for the lease the Washburn entity Mult Lots LLC signed with the city’s Industrial Development Agency.

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