RAL Development Services borrows $72M from United Overseas Bank for rental building in Brooklyn Heights

RAL Development Services and Oliver’s Realty Group through the entity Landing B Associates LLC as borrower signed a loan agreement with lender United Overseas Bank valued at $71.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 140 residential rental units at the Landing at Brooklyn Bridge Park at 15 Bridge Park Drive in Brooklyn Heights. The deal closed on March 19, 2020 and was recorded on March 23, 2020.
The property contains a total of 137,945 square feet of built space.
The average loan per unit is $510,714.
This is a portion of a $120 million project loan Bank OZK gave to RAL for the development of two buildings, one rental and one condominium. The remaining debt on the project loan note was split into two separate notes. One of the split notes was for $71.5 million and was allocated to Parcel B, which is 15 Bridge Park Drive and is the rental building. The other note with $44.7 million in debt remained secured by unsold condominium units in the condominium building and is reported in another PincusCo post.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 140 residential units on January 28, 2019.
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 was one renovation/alteration project (A2) applied for with a total estimated value of $151,000.There has been one new building permit application totaling 137,945 square feet. Those plans include a total of 140 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link