Slate Property Group borrows $21M from Signature Bank for rental property in Williamsburg

Slate Property Group through the entity 66 Ainslie LLC as borrower signed a loan agreement with lender Signature Bank valued at $21.0 million for 1 parcel, including the tax class D6 and containing 50 residential units at 66 Ainslie Street in Williamsburg. The deal closed on October 17, 2019 and was recorded on October 31, 2019.
The property contains a total of 42,172 square feet of built space.
The average loan per unit is $420,000.
The new debt level is 22 percent below the 2017 amount of $27 million provided by Deutsche Bank.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 49 residential (or hotel) units on September 26, 2017.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,155,000. Those filings sought to increase the number of residential units by 48 to 49 There was one renovation/alteration project (A2) applied for with a total estimated value of $556,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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