Watermark Capital borrows $23.6M from Signature for newly-built, 53-unit project in Bushwick

Watermark Capital Group through the entity Eleven Stars LLC as borrower signed a loan agreement with lender Signature Bank valued at $23.6 million for one parcel containing 53 residential units at 260 Knickerbocker Avenue in Bushwick. The deal closed on August 26, 2020 and was recorded on September 2, 2020.
The property contains a total of 49,573 square feet of built space.
The average loan per unit is $445,283.
The loan includes $16.1 million in new debt and refinances a $7.5 million construction loan. The last time the property sold was August 26, 2019, for $3,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 53 residential units on August 7, 2020.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $70,775. Those filings sought to increase the number of residential units by 53 to 53 There was one renovation/alteration project (A2) applied for with a total estimated value of $36,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link