Renaissance Realty Group borrows $32M from Greystone & Co. for multifamily property in Crown Heights

David Chemtob’s Renaissance Realty Group through the entity Classon Heights LLC as borrower signed a loan agreement with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $31.9 million for 6 parcels, including the tax class multifamily, over six families without stores (C1) and containing 172 residential units at 519 Lincoln Place, 511 Lincoln Place, 505 Lincoln Place, 495 Lincoln Place, 493 Lincoln Place, and others in Crown Heights. The deal closed on January 27, 2020 and was recorded on January 30, 2020.
The properties have 235,509 square feet of total development rights. The loan was subsequently assigned to Fannie Mae.
The average loan per unit is $185,733.
The last time the property sold was July 19, 2005, for $12,700,000. The prior lender was Signature Bank, which provided $20 million.

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