The Collective borrows $75M from Acres Capital for property construction in Williamsburg

The Collective through the entity 292 N8 Owner LLC as borrower signed a loan agreement with lender Acres Capital through the entity Acres Loan Origination, LLC valued at $75 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 286 North 8th Street in Williamsburg. The deal closed on February 28, 2020 and was recorded on March 11, 2020.

This debt includes $51 million in building and project loans. The Collective has divided the property into a fee interest and a ground lease interest. The ground lease runs for 32 years. Currently, both entities are controlled by The Collective. The last time the property sold was December 13, 2019, when the Collective bought the site for $41,361,482.  The prior debt totaling $17 million had been given by Emerald Creek Capital and was assigned to Acres.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link