Treeline ups debt to $37M from Wells Fargo for office property in Brooklyn Heights

Treeline through the entity Treeline 175 Remsen LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $37.5 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 175 Remsen Street in Brooklyn Heights. The deal closed on October 29, 2020 and was recorded on December 3, 2020.
The property contains a total of 129,520 square feet of built space.
The average loan per buildable square foot is $290.
The total debt was increased by $5.5 million from the $32 million Wells Fargo provided in 2016.
Over the past five years, there have been 21 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 21 renovation/alteration projects (A2) applied for with a total estimated value of $1,364,568.

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