Raber Enterprises borrows $48.5M from Union Labor for property in Hudson Yards

Raber Enterprises through the entity Bewell35, LLC as borrower signed a loan agreement with lender The Union Labor Life Insurance Company valued at $48.5 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 325 West 35th Street in Hudson Yards. The deal closed on June 1, 2020 and was recorded on June 10, 2020.
The property contains a total of 63,363 square feet of built space.
The average loan per buildable square foot is $765.
Lance Steinberg is president of Raber and was signatory for the loan which refinanced $48.5 million provided by Union Life in 2018. The last time the property sold was December 18, 2012, for $13,400,000. The building was given an initial temporary certificate of occupancy November 6, 2015.

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