Walentas family’s Two Trees Management borrows $79M from M&T Bank as a land loan in Williamsburg

Walentas family’s Two Trees Management through the entity River Street Partners LLC as borrower signed a land loan agreement with lender M&T Bank valued at $78.8 million for 3 parcels, including the tax class electric utility or gas (U2) at 105 River Street, 87 River Street, West 1st Street in Williamsburg. The deal closed on January 2, 2020 and was recorded on January 17, 2020.

The last time the property sold was December 11, 2019, when Two Trees bought it for $150,000,000.  The plans for the development include two rental towers with a total of 1,000 units, including 250 that will be affordable, as well as 30,000 square feet of retail, 57,000 square feet of office, a 47,000 square foot YMCA and a waterfront park. The project must go through the city’s ULURP process.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link