United American Land borrows $10.5M from People’s United Bank for multifamily in Brooklyn Heights

United American Land through the entity 184 Joralemon LLC as borrower signed a loan agreement with lender Peoples United Bank, National Association valued at $10.5 million for 1 parcel, including the tax class office building with residential apartments (O8) and containing 24 residential units at 184 Joralemon Street in Brooklyn Heights. The deal closed on August 7, 2020 and was recorded on August 13, 2020.
The property contains a total of 27,732 square feet of built space.
The average loan per unit is $437,500.
The maximum secured debt was reduced from $12 million provided in 2013. The last time the property sold was September 15, 2011, for $10,756,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $33,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link