Urban Standard Capital, a NYC-based fully integrated real estate private equity firm, delivered a $4.05 million acquisition and construction loan for a three-story residential building at 522 State Street to be turned into condos in the Boerum Hill neighborhood of Brooklyn.
The borrower will use the funding to convert the former two-family building into four condominium apartments. The 4,720 sq. ft. building was built in 1899.
The sponsor acquired the building at below market price so USC provided a 95% loan to purchase price at closing with a 30 month term.
The project is expected to be completed in the next 18 months.
“With the sponsor acquiring the building at a below market purchase price, USC’s experience in the market allowed us to recognize the value that the sponsor had created and provide a loan that was high loan to purchase price but moderate loan to value,” said USC’s Sam Hollander.
