Trinity Place refis $52M loan from Canadian Imperial Bank for multifamily property in Gowanus

The public company Trinity Place Holdings through the entity 470 4th Avenue Fee Owner, LLC as borrower signed a loan agreement with lender Canadian Imperial Bank of Commerce valued at $52.4 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 105 residential units at 237 11th Street in Gowanus. The deal closed on June 9, 2020 and was recorded on June 18, 2020.
The property contains a total of 92,722 square feet of built space.
The average loan per unit is $499,417.
Trinity place, a public company, purchased the building on May 24, 2018, for $81.24 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 105 residential units on September 7, 2018.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $6,560,445.There has been one new building permit application totaling 84,385 square feet. Those plans include a total of 105 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link