Veeru Dhillon borrows $11M from Customers Bank for hotel in Williamsburg

Veeru Dhillon through the entity Union Hotel Park, LLC as borrower signed a loan agreement with lender Customers Bank valued at $10.7 million for 1 parcel, including the tax class miscellaneous hotel (H9) at 447 Union Avenue in Williamsburg. The deal closed on January 29, 2020 and was recorded on February 4, 2020.
The property contains a total of 18,046 square feet of built space.
The average loan per buildable square foot is $593.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 52 hotel units on April 12, 2017.
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 has been one new building permit application totaling 14,219 square feet. Those plans include a total of 52 hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link