Spitzer Enterprises borrows $298M from Citigroup for property in Williamsburg

Spitzer Enterprises through the entity 420 Kent Avenue LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc valued at $298 million for 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 857 residential units at 420 Kent Avenue in Williamsburg. The deal closed on October 30, 2020 and was recorded on November 10, 2020.
The property contains a total of 250,048 square feet of built space.
The average loan per unit is $347,725.
The loan reduced the first-mortgage debt from $328.1 million to $298 million. The package, arranged by Meridian Capital Group, includes a $90 million mezzanine loan from Rexmark, according to the Commercial Observer.

The last time the property sold was February 4, 2015, for $165,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 252 residential (or hotel) units on January 10, 2019.
Over the past five years, there have been 4 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 $108,000.There has been one new building permit application totaling 249,737 square feet. Those plans include a total of 252 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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