Urban View signs $10.3M refi with Terra Solid Capital for 28-unit project in Ridgewood

Urban View Development Group through the entity Summerfield Group Ventures LLC as borrower signed a refi loan with lender Terra Solid Capital through the entity Terra Solid Capital Ltd valued at $10.3 million for the development site (V0) at 1671 Summerfield Street in Ridgewood, Queens.
The deal closed on September 23, 2021 and was recorded on November 4, 2021.
(420655785) Plans for a 28-unit, 19,908 square-foot R-2 were filed on January 11, 2016 and were permitted on January 15, 2020.
The property has 0 square feet of built space and 40,000 square feet of additional air rights for a total buildable of 40,000 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $257 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 26, 2019, for $6.5 million.
The signatory for Urban View Development Group was Nadav Hamo. The signatory for Terra Solid Capital was Siamak Darouvar.

This loan pays off a $6.58 million new construction loan and adds a gap loan of $4.3 million. Terra Solid’s only other NYC loan (as tracked by PincusCo) was $6 million land loan lent a year ago to Urban View for an adjacent parcel.
There was a condominium project filed with the address 1671 Summerfield Street and the name 1671 Summerfield Street Condominium(the) on February 25, 2021. The principals of the sponsor, Summerfield Group Ventures Llc, was Nadav Hamo. link

Direct link to Acris document. link