Real Estate Equities Corp. borrows $48M from Heritage Capital Management of South Korea for development property in East Village

Real Estate Equities Corp. through the entity REEC St Marks Lessee Lp as borrower signed a loan agreement with lender Heritage Capital Management of South Korea through the entity Saint Marks Primary Fund LLC valued at $48.0 million for 3 parcels, including the tax class primarily one to six families with stores or offices (S9) and containing 2 residential units at 23 3rd Avenue, 25 3rd Avenue, 3 St Marks Place in East Village. The deal closed on November 1, 2019 and was recorded on November 13, 2019.

The prior debt of $14 million was placed by Arel Capital and assigned to the new Korean lender.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link