Jonathan Aghravi of JBA Equities placed a $38.5 million condo inventory loan for 475 Washington Avenue, a 60-unit, six-story building in Clinton Hill, Brooklyn.
The financing was provided by Urban Standard Capital, a NYC based private lender.
Aghravi sourced the opportunity, and along with Charles Han and Eli Terry represented the borrower, 475 Wash Avenue Owners LLC.
The condo inventory loan refinanced the previous $28.5 million mortgage, which was also originated by Aghravi and Han. Benjamin Barasch originated the loan for Urban Standard Capital.
The new loan will finance on-going renovations at the property including improving the common areas and individual units with condo level finishes.
“We’re proud to have structured a deal that provides the client with funds to complete renovations to sell units.,” Aghravi said.
“The team at Urban Standard Capital was a pleasure to work with. Their creativity and flexibility provided great value and we look forward to collaborating with them again.”
Barasch added, “The property is a unique doorman, pre-war building in the highly desirable submarket of Clinton Hill. We believe buyers will be attracted to the rare combination of historic charm, ample light and modern finishes in this market. We would like to thank and congratulate JBA on another successful closing with us.”
The property was historically operated as a multifamily rental building and the sponsor filed plans to convert the property to condos last year.
The condominium plan received AG approval in May, shortly before the new rent laws went into effect.