Related Companies signs $222.2M rehab loan with Deutsche Bank for rental in Tribeca

Related Companies through the entity Rref Ii 34 Debrosses Owner, LLC as borrower signed a rehab loan with lender Deutsche Bank valued at $222.2 million for the 283-unit rental (D8) at 34 Desbrosses Street in Tribeca, Manhattan.
The deal closed on August 24, 2021 and was recorded on September 27, 2021.
The property has 305,542 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $727 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 owner bought the property on February 1, 2019, for $260 million.
The signatory for Related Companies was Robert Bernstein.

The Real Deal reported this loan is for the renovation of the building which as already been gutted.
There was a condominium project filed with the address 34 Desbrosses and the name 34 Desbrosses Condominium on June 14, 2019. The principals of the sponsor, Rref Ii 34 Desbrosses Owner, Llc, were Stephen Ross, Jeff Blau, Bruce Beal, Jr., Justin Metz, and Robert Bernstein. link
The owners according to the Department of Housing Preservation and Development includes Robbie Bernstein, head officer and Bill Brake, officer. The business entity is Rref Ii 34 Desbrosses Owner Llc.

Within a 400-foot radius of 34 Desbrosses Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 29, 2020 for the $12 million renovation of 66,579-square-foot R-2 building with 17 residential units at 67 Vestry Street.
Of those seven items, three were sales above $5 million totaling $72.9 million. The most recent of the three was Kim Dow which bought one condo unit in the 2,965-square-foot, 47-unit mixed-use building (RM) on 70 Vestry Street for $11.5 million from Tac Vestry, LLC on September 14, 2021.
Of those seven items, three were loans above $5 million totaling $109.4 million. The most recent of the three was Lazar Ventures which borrowed $6.4 million from Lancewood Capital secured by the 5,625-square-foot, four-unit mixed-use building (S3) on 142 Watts Street on May 24, 2021.

Direct link to Acris document. link

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