Walter & Samuels refis $16.4M debt for mixed-use building in Garment District

Walter & Samuels Inc through the entity 516 Eighth Avenue Borrower LLC as borrower refinanced a $20 million 2016 loan into $16.4 million of debt with Bank of America and a mezzanine lender for the mixed-use building (K2) at 516 Eighth Avenue in the Garment District, Manhattan.
The deal closed on May 27, 2021 and was recorded on June 10, 2021.
The property has 7,500 square feet of built space and 17,500 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo
The owner bought the property on 4-Apr-16, for $25 million.
The signatory for Walter & Samuels Inc was David I. Berley.

David I. Berley is the chairman of Walter & Samuels Inc.
Within a 400-foot radius of 516 8th Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.

Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 19, 2020 for the $8.2 million renovation of 62,632-square-foot B building with N/A residential units at 315 West 35th Street.
Of those seven items, six were loans above $5 million totaling $319 million. The most recent of the six was Meyer Equities which borrowed $20 million from Urban Standard Capital secured by the 225,858-square-foot, 83-unit office building (O4) on 540 8th Avenue on February 18, 2021.

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