December 3, 2019
JBA Equities placed a $38.5-million condominium inventory loan for 475 Washington Avenue, a 60-unit, six-story building in Brooklyn’s Clinton Hill neighborhood. The financing was provided by Urban Standard Capital, a New York City-based private lender.
JBA’s Jonathan 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 ongoing renovations at the property, including improving the common areas and individual units with condo-level finishes. The property was historically operated as a multifamily rental building, and the sponsor filed plans to convert the property to condos last year.
“We’re proud to have structured a deal that provides the client with funds to complete renovations to sell units,” Aghravi said.
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