St. Francis College signs $45M construction loan with UMB in Downtown Brooklyn

St. Francis College as borrower signed a construction loan with lender UMB through the entity Build NYC Resource Corporation valued at $45 million at 422 Fulton Street in Downtown Brooklyn, Brooklyn.
The deal closed on October 1, 2021 and was recorded on December 27, 2021.
The two properties have 496,977 square feet of built space according to PincusCo analysis of city data. The loan price per built 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 S. Lawrence.
(320908899)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 28, 2021.
The loan was assigned to UMB from Build NYC Resource Corporation. St. Francis is building out several floors in the Tishman Speyer development.

Within a 400-foot radius of 422 Fulton Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, four were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $271,250, one permit with a total initial cost of $300,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $347.3 million. The most recent of these four items was the filing on December 15, 2021 for a 3,875-square-foot M building with no residential units at 453 Fulton Street.
Of those 12 items, two were sales above $5 million totaling $11.5 million. The most recent of the two was United American Land which bought the 1,490-square-foot, two-unit mixed-use building (K4) on 453 Fulton Street for $5.8 million from Fasiha Sheikh on January 26, 2021.
Of those 12 items, six were loans above $5 million totaling $181.5 million. The most recent of the six was Sutton Management which borrowed $32 million from Argentic secured by the 29,612-square-foot, four-unit mixed-use building (K4) on 386 Fulton Street and one other property on October 1, 2021.

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