Salvatore Gargano borrows $23M from Ridgewood Savings Bank for rental property in East Williamsburg

Salvatore Gargano through the entity Active Development LLC as borrower signed a loan agreement with lender Ridgewood Savings Bank valued at $23 million for 105 tax parcels, including the tax class commercial condominium unit (R5) and single residential condo units, containing 58 residential units at 234 Skillman Avenue in East Williamsburg. The deal closed on April 28, 2020 and was recorded on May 22, 2020.

The average loan per residential unit is $396,552.
Gargano borrowed $17.5 million in 2013 from Ridgewood Savings Bank.

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