Cassin & Cassin Steers $48M Brooklyn Loan

Law360 (June 26, 2020, 5:39 PM EDT) -- A subsidiary of nonprofit Community Preservation has loaned $48.14 million for an apartment building in Brooklyn and Cassin & Cassin represented the lender on the matter, according to records made public in New York on Friday.

The loan from The Community Preservation Corp. subsidiary CPC Mortgage Co. LLC is for Ocean Towers at 2950-2970 W. 24th St. in Brooklyn, and of the $48.14 million figure, nearly $17 million is new capital for the property. The remainder is an assumption and refinancing of pre-existing debt.

The borrower is a Bronx-based limited liability company, contact information for which was not immediately available Friday....

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