Barry Leon has secured a $38.5 million condo inventory loan from Urban Standard Capital for 475 Washington Avenue. The Clinton Hill property spans 63,450 square feet, and consists of 60 residential condo units.
- Financing details: The new loan replaces $28.5 million in previous debt provided by G4 Capital Partners in 2018. It also covers the costs associated with upgrading the building’s common areas and renovating the units, according to the CO.
- Heard on the Street: JBA Equities’ Jonathan Aghravi who represented the borrower in the deal told DailyBeatNY: “The property was historically operated as a multi-family rental building and the sponsor filed plans to convert the property to condos last year… The condo plan received AG approval in May, shortly before the new rent laws went into effect.”
- Flashback: Leon paid $2.9 million for the property in 1995.