Transition Acquisitions borrows $46.8M from Loancore Capital to purchase office property in Bushwick

Mordechai Getz’s Transition Acquisitions through the entity 455 Jefferson Avenue LLC as borrower signed a loan agreement with lender LoanCore Capital Credit REIT LLC valued at $46.8 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 1300 Flushing Avenue in Bushwick. The deal closed on June 12, 2020 and was recorded on June 16, 2020.
The property contains a total of 105,289 square feet of built space.
The average loan per buildable square foot is $444.
This is an acqusition loan, which reduces the original outstanding debt from $51.175 million to $46.8 million, which is $2.8 million above the purchase price.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 20, 2017.
Over the past five years, there have been 5 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 $6,671,107. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,097,102.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link