RAL Development signs $95M condo inventory loan with First Republic in Brooklyn Heights

RAL Development through the entity Landing A Associates LLC as borrower signed a refi loan with lender First Republic Bank through the entity First Republic Bank valued at $95 million for 89 properties including the bulk condos (MC) at 50 Bridge Park Drive in Brooklyn Heights, Brooklyn.
The deal closed on August 18, 2021 and was recorded on September 8, 2021.
The 89 properties have 169,245 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $561 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RAL Development was Robert A. Levine. The signatory for First Republic Bank was Kolette de Bocos.
(321189003)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 122 residential units on June 24, 2020.
This is a condo inventory loan. The original construction loan was $251 million from Bank OZK.
There was a condominium project filed with the address 50 Bridge Park Drive and the name Quay Tower Condominium on January 25, 2018. The principals of the sponsor, Landing A Associates Llc, were Robert Levine and David Wine. link

Within a 400-foot radius of 50 Bridge Park Drive, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which RAL Development Services and Oliver’s Realty Group borrowed $71.5 million from United Overseas Bank secured by the 141-unit rental (D6) on Atlantic Avenue on March 23, 2020.

Direct link to Acris document. link