Senlac Ridge, William Macklowe borrow $18M to acquire property in Park Slope

Senlac Ridge Partners and William Macklowe Companies through the entity 120 JV Acq LLC as borrower signed an acquisition 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 April 24, 2020 and was recorded on July 31, 2020.
The property contains a total of 49,148 square feet of built space.
The true lender was shielded behind a limited liability company, but was represented in the loan document by the same attorney as the entity that sold the property to Senlac and William Macklowe, indicating the possibility of seller financing. The prior owner was Avery Hall Investments, but it was unclear if Avery had a partner.
The seller entity and the lender entity shared attorneys, identified as Janice Mac Avory of Fried Frank Harris Shriver & Jacobson in the documents. The last time the property sold was March 24, 2017, when Avery Hall bought it for $45,680,625.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $24,000.There have been 2 new building permit applications totaling 175,393 square feet. Those plans include a total of 160 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link