Tavros Holdings signs $65.3M refi loan with Nonghyup Bank for rental in Chelsea

Tavros Holdings through the entity Mepa Realty LLC as borrower signed a refi loan with lender Nonghyup Bank through the entity Igis U.S. Specialized Private Investment Trust valued at $65.3 million for the 82-unit rental (C4) at 351 West 14th Street in Chelsea, Manhattan.
The deal closed on June 29, 2021 and was recorded on July 13, 2021.
The property has 48,184 square feet of built space and 62,924 square feet of additional air rights for a total buildable of 111,087 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,355 and the price per buildable square foot is $587 per the PincusCo analysis.

The signatory for Tavros Holdings was Nicholas Silvers.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3.2 million. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $291,000.
The owners according to the Department of Housing Preservation and Development includes Adam Jernow, head officer and Jeremy Kilts, officer. The business entity is Mepa Realty Llc.
Within a 400-foot radius of 351 West 14th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 2, 2019 for the $882,750.0 renovation of 17,655-square-foot B building with 0 residential units at 44 Ninth Avenue.
One of those two items was a loan which Marc Sherry borrowed $5.4 million from BankUnited secured by the 3,372-square-foot, one-unit mixed-use building (K2) on 56 9th Avenue on January 14, 2020.

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