RAL Development Services refis Brooklyn condos with $45M from Bank OZK

RAL Development Services and Oliver’s Realty Group through the entity Landing A Associates LLC as borrower signed a loan agreement with lender Bank OZK valued at $44.7 million for 119 parcels, including the tax class multifamily, fireproof – with stores (D6) at Quay Tower at 50 Bridge Park Drive in Brooklyn Heights. The deal closed on March 19, 2020 and was recorded on March 23, 2020.

This is the for the condominium building that forms part of Pier 6 and is a portion of the split mortgage notes at The Landing in Brooklyn. This portion covers unsold condominium units.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 140 residential (or hotel) 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 units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link