Rajesh Bhagia borrows $20M from State Bank of Texas for new hotel construction in Gowanus

Rajesh Bhagia through the entity President SAI II, LLC as borrower signed a loan agreement with lender State Bank of Texas valued at $20 million for a new hotel under construction at 555-561 President Street in Gowanus. The deal closed on June 18, 2020 and was recorded on July 15, 2020.
There has been one new building permit application totaling 39,546 square feet. Those plans include a total of 112 hotel units.
The refinancing includes $5.5 million in new debt.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link