Hebrew Language Academy Charter School Refinances Mill Basin Condo Units For $15M Loan - Valley National Bank

A $15 million refinance loan has been secured for two commercial condominium units located at 2186 Mill Avenue in Mill Basin, Brooklyn. The loan was obtained by Paul Grosman through his entity, Mill Avenue Development, LLC, from Valley National Bank. These units house the Hebrew Language Academy Charter School. The previous lender, M&T Bank, held debt with an original loan amount of $12 million.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $15,000,000
• Units: 2
• Address: 2186 Mill Avenue
• Market: Mill Basin, Brooklyn

Paul Grosman, acting as the landlord, signed the refinance loan on behalf of Mill Avenue Development, LLC. Valley National Bank provided the funding. This transaction represents a loan refinancing deal for the commercial condominium units, with the Hebrew Language Academy Charter School as the tenant. The prior lender, M&T Bank, previously held a loan for these units.