Solomon Schwimmer borrows $23M from Sabal Capital for 60-unit property in Kensington

Solomon Schwimmer through the entity Ocean Sidepark LLC as borrower signed a loan agreement with lender Sabal Capital II, LLC valued at $22.9 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 60 residential units at 581 Ocean Parkway in Kensington-Ocean Parkway. The deal closed on December 9, 2020 and was recorded on December 11, 2020.
The property contains a total of 41,445 square feet of built space.
The average loan per unit is $381,250.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 60 residential units on June 8, 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.There has been one new building permit application totaling 41,445 square feet. Those plans include a total of 60 residential units. There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
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