Senlac Ridge Partners borrows $18M for dev site in Park Slope

Senlac Ridge Partners through the entity 120 JV Acq LLC as borrower signed a loan agreement with lender 10-120 5ave Lender, LLC valued at $18 million for 1 parcel, including the tax class one-story store building (K1) at 120 5th Avenue in Park Slope. The deal closed on March 22, 2021 and was recorded on April 8, 2021.
The property contains a total of 49,148 square feet of built space.
The signatory was David Welsh, founder of Senlac. The last time the property sold was April 24, 2020 for $59,380,000.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $4,000.

There have been 2 new building permit applications. Those plans include a total of 160 residential units.

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