Urban View signs $6.9M refi with Terra Solid Capital for condo in Bushwick
Urban View Development Group through the entity 503 Evergreen Avenue LLC as borrower signed a refi loan with lender Terra Solid Capital valued at $6.9 million for the property at 499 and 503 Evergreen Avenue in Bushwick, Brooklyn.
The deal closed on March 30, 2023 and was recorded on April 14, 2023. The prior lender was Goldman Sachs affiliate Genesis Capital which held debt that had an original loan amount of $6.9 million.
The signatory for Urban View Development Group was Nadav Hamo. The signatory for Terra Solid Capital was Siamak Darouvar.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 503 EVERGREEN AVENUE LLC to create 8 residential units in a building at 499 Evergreen Avenue in Bushwick, Brooklyn, called 499 Evergreen Avenue Condominiumthat has a $4.6 million sellout, according to an August 31, 2020 submission to the New York State Attorney General. The principal of the sponsor, 503 EVERGREEN AVENUE LLC, was Nadav Hamo.
The block
On the tax block of 503 Evergreen Avenue, PincusCo has identified the owners of five of the 15 commercial properties representing 49,027 square feet of the 65,139 square feet. The largest owner is Yidel Mann, followed by Talpion Fund Management and then Martin Joseph.
On the tax block, there were seven new building construction projects totaling 58,013 square feet. The largest is a 25,196 square-foot business (B) building submitted by Bob Michaeli with plans filed April 25, 2017 and it has not been permitted yet. The second largest is a 10-unit, 8,790 square-foot residential (R-2) building submitted by Dianping Chen with plans filed June 15, 2022 and permitted March 15, 2023.
The majority, or 58 percent of the 65,139 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.
The borrower
The PincusCo database currently indicates that Urban View Development Group owned at least 12 commercial properties with 85 residential units in New York City with 106,072 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $76 million in debt, with top three lenders as Terra Solid Capital, Terra Capital Partners, and Citibank respectively. Within the portfolio, the bulk, or 31 percent of the 106,072 square feet of built space are elevator properties, with specialty properties next occupying 25 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Manhattan next at 22 percent of the space.
Direct link to Acris document. link