UBS fund borrows $42M from UBS fund for acquisition of multifamily property in Clinton Hill

UBS fund through the entity Steuben Street/Myrtle Avenue Apartments Owner LLC as borrower signed a loan agreement with lender UBS fund through the entity Clinton Hill Apartments Capital LLC valued at $41.9 million for 3 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 72 residential units at 100 Steuben Street, 531 Myrtle Avenue, 531 Myrtle Avenue in Clinton Hill. The deal closed on January 23, 2020 and was recorded on February 13, 2020.
The property contains a total of 33,949 square feet of built space.
The average loan per unit is $581,577.
A UBS fund purchased the property from Greystone Development for $55.9 million on the same day.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential (or hotel) units on September 8, 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. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.There has been one new building permit application totaling 29,953 square feet. Those plans include a total of 43 residential or hotel units. There have been 3 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link