SL Development borrows $45M from LibreMax Capital for multifamily development in East Williamsburg

Raymond Steffen’s SL Development through the entity 722 Metropolitan LLC as borrower signed a loan agreement with lender Fred Brettschneider’s LibreMax Capital through the entity LibreMax Value Master Fund, Ltd. valued at $45.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 69 residential units at 722 Metropolitan Avenue in East Williamsburg. The deal closed on December 13, 2019 and was recorded on December 27, 2019.
The property contains a total of 78,155 square feet of built space.
The average loan per unit is $316,180.

Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $13,000,000. Those filings sought to increase the number of residential units by 68 to 68. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $2,405,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link