St. Francis College signs $45M construction loan in Brooklyn Heights

St. Francis College as borrower signed a rehab construction loan with lender UMB Bank valued at $45 million for three specialty buildings including 172 Remsen Street in Brooklyn Heights, Brooklyn.
The deal closed on October 1, 2021 and was recorded on January 28, 2022. The prior lender was UMB Bank which held debt that had an original loan amount of $33.7 million.
The three properties have 272,585 square feet of built space and 225,343 square feet of additional air rights for a total buildable of 497,840 square feet according to PincusCo analysis of city data. The loan price per built square foot is $165 and the price per buildable square foot is $90 per the PincusCo analysis. (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.)
The signatory for St. Francis College was Maureen M. Lawrence.

In Brooklyn Heights, the bulk, or 38 percent of the 21.1 million square feet of built space are residential elevator buildings, with office buildings next occupying 15 percent of the space. In sales, Brooklyn Heights has had very little sales volume relative to other neighborhoods with $228.8 million in sales volume in the last two years. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 261,202 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 50 percent of the 706,000 square feet of built space are office buildings, with specialty buildings next occupying 39 percent of the space.

Within a 400-foot radius of 172 Remsen Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit issued on February 5, 2021 for a 110,000-square-foot R-2 building with 121 residential units at 200 Montague Street.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 1, 2020 for the $626,000 renovation of 220,991-square-foot B building with N/A residential units at 195 Montague Street.
Of those eight items, six were loans above $5 million totaling $172.2 million. The most recent of the six was Bonjour Capital which borrowed $30.7 million from NewPoint secured by the 65,479-square-foot, 63-unit rental (D7) on 172 Montague Street on November 19, 2021.

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