Prospect 26 LLC obtained financing of $7M from Santander Bank

Prospect 26 LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $6.6 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 20 residential units at 1322 Prospect Place in Crown Heights. The deal closed on July 10, 2019 and was recorded on July 23, 2019.
The property contains a total of 18,723 square feet of built space. The property has 4,599 square feet of available development rights.
The average loan per unit is $327,500.
The last time the property sold was March 07, 2016, for $2,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential (or hotel) units on April 08, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $567,180. Those filings sought to increase the number of residential units by 5 to 20 There was one renovation/alteration project (A2) applied for with a total estimated value of $246,050.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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