Related Companies signs $36M refi with Wells Fargo for five rentals in Far Rockaway

Related Companies through the entity Greenport Preservation, L.P. as borrower signed a refi loan with lender Wells Fargo valued at $36 million for five rentals including the 154-unit rental (D1) at 14-50 Gateway Boulevard in Far Rockaway, Queens, 55-unit rental (D1) at 15-02 Mott Avenue in Far Rockaway, Queens, and 59-unit rental (D5) at 14-30 Gateway Boulevard in Far Rockaway, Queens.
The deal closed on July 30, 2021 and was recorded on August 10, 2021.
The five properties have 337,658 square feet of built space and 0 square feet of additional air rights for a total buildable of 244,795 square feet according to PincusCo analysis of city data. The loan price per built square foot is $106 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 Related Companies was Matthew Finkle. The signatory for Wells Fargo was Christian Adrian.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1.0 million.
The loan refinances a $22.2 million loan and adds $16.8 million in new debt.
The owners according to the Department of Housing Preservation and Development includes Mathew Finkle, head officer and Hector Pinero, officer. The business entities are Related Management Company and Greenport Preservation, L.P.

Within a 400-foot radius of 15-02 Mott Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on September 17, 2019 for a 68,735-square-foot R-2 building with 63 residential units at 1403 Gateway Blvd.
Of those four items, two were loans above $5 million totaling $19.5 million. The most recent of the two was Bawa Nand Mallick which borrowed $9.0 million from JPMorgan Chase secured by the 71,000-square-foot, 78-unit rental (D1) on 14-20 Gateway Boulevard on July 1, 2021.

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