Solomon Feder, Bent Philipson sign $70M refi loan with Shelter Growth for rental in Long Island City

Solomon Feder of Velocity Framers USA and Bent Philipson through the entity 45 Davis St. LLC as borrower signed a refi loan with lender Shelter Growth Capital Partners through the entity Shelter Growth Master Term Fund B Iii Lp valued at $70 million for the 158-unit rental development (D6) at 45-57 Davis Street in Long Island City, Queens.
The deal closed on April 29, 2021 and was recorded on May 24, 2021. The building launched an affordable housing lottery in November 2020.
The property has 127,456 square feet of built space and 0 square feet of additional air rights for a total buildable of 108,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $549 per the PincusCo analysis.
The owner bought the property on 23-Oct-18, for $4.6 million.
The signatory for Solomon Feder and Bent Philipson were Solomon Feder and Bent Philipson.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $5,000.
This refinances a $55 million construction loan from Popular Bank, and adds a $15 million gap loan.

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