Property Resources gets $43.2M construction loan from Pacific Western for Bed-Stuy project

Property Resources Corp. through the entity 75 Lewis Avenue LLC as borrower signed a loan agreement with lender Pacific Western Bank valued at $43.2 million for 1 parcel, including the tax class miscellaneous educational (W9) at 75 Lewis Avenue in Bedford-Stuyvesant. The deal closed on February 18, 2021 and was recorded on February 26, 2021.
The property contains a total of 114,500 square feet of built space.
The average loan per buildable square foot is $377.
This is a new construction loan with a $31.7 million building loan and an $11.5 million project loan.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $22 million. Those filings sought to increase the number of residential units by 205 to 205. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $908,000.

Direct link to Acris document. link