S.W. Management signs $13.5M refi with Signature Bank for rental in Briarwood

S.W. Management through the entity 142-02 84th Realty LLC as borrower signed a refi loan with lender Signature Bank valued at $13.5 million for the 90-unit rental (D1) at 142-02 84th Drive in Briarwood, Queens.
The deal closed on July 27, 2021 and was recorded on August 5, 2021.
The property has 66,924 square feet of built space and 15,358 square feet of additional air rights for a total buildable of 82,275 square feet according to PincusCo analysis of city data. The loan price per built square foot is $201 and the price per buildable square foot is $164 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 26-Jan-05, for $8.8 million.
The signatory for S.W. Management was Alan Wasserman.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $126,000.

The owners according to the Department of Housing Preservation and Development includes Stuart Berger, head officer and Vesna Stamm, site manager. The business entity is 142-02 84th Realty Llc.

Within a 400-foot radius of 142-02 84th Drive, PincusCo identified one commercial real estate item of interest occurred over the past 24 months.
It was a loan which Briarwood, Inc. borrowed $44.5 million from Northmarq Capital LLC secured by the 114,000-square-foot, 252-unit rental (D1) on 141-35 85th Road and two other properties on January 19, 2021.

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