SD Asset Management borrows $31M from Argentic Real Estate Finance for property in Greenpoint

SD Asset Management through the entity 11-20 46th Road Owner LLC as borrower signed a loan agreement with lender Argentic Real Estate Finance LLC valued at $30.5 million for 2 parcels, including the tax class office building with commercial with one to six stories (O5) at 70 Kent Street, 43789 46th Road in Greenpoint. The deal closed on October 24, 2019 and was recorded on October 28, 2019.
The property contains a total of 16,947 square feet of built space. The property has 36,947 square feet of available development rights.
The average loan per buildable square foot is $826.
The last time the property sold was September 9, 2014, for $7,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 27 residential (or hotel) units on December 24, 2018.
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 $113,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link