Seward Park Co-op in LES ups debt by $74M to $115M with ORIX

The Seward Park co-op through the entity Seward Park Housing Corporation as borrower signed a refi loan with lender ORIX Real Estate through the entity Lument Capital valued at $115 million for three properties including the 880-unit co-op (D4) at 260-268 East Broadway in Lower East Side, Manhattan, 866-unit co-op (D4) at 357-381 Grand Street in Lower East Side, Manhattan, and office building (O5) at 465 Grand Street in Lower East Side, Manhattan.
The deal closed on December 20, 2021 and was recorded on December 30, 2021.
The three properties have 2,098,383 square feet of built space and 1,051,927 square feet of additional air rights for a total buildable of 3,150,416 square feet according to PincusCo analysis of city data. The loan price per built square foot is $54 and the price per buildable square foot is $36 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 signatory for Seward Park Co-op was Eric Cullman. The signatory for Orix aka Lument Capital was Tom Purtill

The financing includes $74.2 million in new debt. The loan was given through ORIX’s affilate Lument Capital.

Over the past five years, there have been 63 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 63 renovation/alteration projects (A2) applied for with a total estimated value of $9 million.

Within a 400-foot radius of 260-268 East Broadway, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on March 1, 2021 for a 84,717-square-foot R-2 building with 52 residential units at 232 East Broadway.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 21, 2020 for the $7.2 million renovation of 45,342-square-foot R-2 building with 10 residential units at 228 E Broadway.

Direct link to Acris document. link