Slate Property Group signs $64M refi loan with UBS Bank for homeless shelter in Park Slope
Slate Property Group through the entity 555 Fourth Avenue Owner LLC as borrower signed a refi loan with lender UBS Bank valued at $64 million for the 134-unit rental (D7) at 541-555 Fourth Avenue in Park Slope, Brooklyn.
The deal closed on July 22, 2021 and was recorded on August 11, 2021.
The property has 103,430 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $618 per the PincusCo analysis.
The owner bought the property on 13-Jul-16, for $19.9 million.
The signatory for Slate Property Group was Martin Nussbaum. The signatory for UBS Bank was Frank Stepan and Steven Akerlow.
(321238264)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 134 residential units on December 23, 2020.
The financing repaid a $45.5 million construction loan and provided $18.5 million in new debt.
Within a 400-foot radius of 541-555 Fourth Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on December 24, 2020 for a 16,784-square-foot R-2 building with 19 residential units at 114 15th Street.
One of those seven items was a sale which Slate Property Group bought the 116,530-square-foot, 154-unit rental (D7) on 535 4th Avenue for $76.0 million from AEW Capital Management on January 12, 2021.
Of those seven items, four were loans above $5 million totaling $100.0 million. The most recent of the four was Greenbrook Partners which borrowed $31.1 million from FS Investments and Rialto Capital Management secured by the 5,940-square-foot, eight-unit rental (C1) on 171 15th Street and nine other properties on January 26, 2021.
(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.)
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