Red Apple Group signs $202M refi with Bank of America for Eagle rental in Downtown Brooklyn

John Catsimatidis’s Red Apple Group through the entity Red Apple 86 Fleet Place Development, LLC as borrower signed a refi loan with lender Bank of America valued at $202 million for four commercial condo units including the 145-unit bulk condo unit (MC) at 86 Fleet Place in Downtown Brooklyn, Brooklyn, 295-unit bulk condo unit (MC) at 86 Fleet Place in Downtown Brooklyn, Brooklyn.
The deal closed on September 23, 2021 and was recorded on October 6, 2021.
The four properties have 474,430 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $425 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 Red Apple Group was John Catsimatidis.
(320627292)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 440 residential units on August 21, 2020.
Red Apple Group last refinanced 86 Fleet Place in 2019. The Downtown Brooklyn rental tower spans 395,000 square feet, and contains 440 units, plus a ground-floor retail component.

Within a 400-foot radius of 86 Fleet Place, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Goris Grocers Flatbush Ave. Corp. bought one condo unit in the 243-unit mixed-use building (RM) on 150 Myrtle Avenue for $7.8 million from Benjamin Partners on May 7, 2021.
Of those three items, two were loans above $5 million totaling $26.2 million. The most recent of the two was Red Apple Group which borrowed $5 million from Bank of America secured by five condo units in the 10,998-square-foot, 232-unit mixed-use building (RM) on 180 Myrtle Avenue on July 9, 2020.

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