Veeru Dhillon signs $10M refi with Spring Bank for hotel in Williamsburg

Veeru Dhillon through the entity Union Hotel Park, LLC as borrower signed a refi loan with lender Spring Bank through the entity Spring Bank valued at $10 million for the hotel building (H9) at 437 Union Avenue in Williamsburg, Brooklyn.
The deal closed on February 12, 2026 and was recorded on May 1, 2026. The prior lender was Customers Bank which held debt that had an original loan amount of $10.7 million.The property has 18,046 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $554 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 September 15, 2010, for $253,000. The signatory for Veeru Dhillon was Veeru Dhillon. The signatory for Spring Bank was Akbar Rizvi .

Prior sales, articles and revenue

The 18,046-square-foot property generated revenue of $1.3 million or $75 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Williamsburg has 18,046 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 134 feet and is 39 feet deep with a total lot size of 5,282 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.7 million. Spring Bank on February 12, 2026 bought a loan with an original principal of $10.7 million from Customers Bank signed by Tai Truong , secured by 437 Union Avenue, when owned by Veeru Dhillon .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,812 in ECB penalties and $2,812 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 12, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 116,794 square feet of the 116,794 square feet. The largest owner is Parkview Management, followed by Isaac Jacobs and then Veeru Dhillon.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 116,794 square feet of built space are elevator buildings, with hotel buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Veeru Dhillon owned at least one commercial property in New York City with 18,046 square feet and a PincusCo-determined asset value of $14.2 million. The portfolio has $10.7 million in debt, borrowed from Customers Bank. The portfolio consists of at least a single hotel property.

Direct link to Acris document. link