Yihai Group borrows $26M from Citigroup for 62-unit property in Williamsburg

Yihai Group through the entity 111 Kent LLC as borrower signed a loan agreement with lender Citigroup through its Citi Real Estate Funding Inc. valued at $26 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 62 residential units at 111 Kent Avenue in Williamsburg. The deal closed on November 25, 2020 and was recorded on December 11, 2020.
The property contains a total of 82,081 square feet of built space.
The average loan per unit is $419,355.
The signatory for the Beijing-based Yihai Group was Junda (Jay) Chen. The $26 million is all new debt. The prior maximum debt was $21.75 million provided in 2012. The last time the property sold was August 14, 2020, for $45,340,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 62 residential units on June 15, 2018.
Over the past five years, there have been 5 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 $224,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $669,498.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link