St. Francis College borrows $75.8M in bond financing for property in Brooklyn Heights

St. Francis College as borrower signed a bond financing agreement with Build NYC Resource Corporation which assigned the debt to UMB Bank as bond trustee valued at $75.8 million for 3 parcels, including the tax class colleges and universities (W6) at 172 Remsen Street in Brooklyn Heights. The deal closed on June 1, 2020 and was recorded on June 26, 2020.
The property has 225,343 square feet of built space and available development rights.
The average loan per buildable square foot is $152.
Build NYC is affiliated with the NYC Economic Development Corporation and structures tax-exempt bond financing.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link