$23.5M construction loan with Popular Bank for 53-unit project in Boerum Hill

Frank J. Rio through the entity RJ 4th Ave LLC as borrower signed a new construction loan with lender Popular Bank valued at $23.5 million for the development site at 52 4th Avenue in Boerum Hill, Brooklyn. The developer who filed plans in 2020 was Martin Joseph of Metropolitan Realty Exemptions.
The deal closed on December 14, 2021 and was recorded on January 4, 2022.
The six properties have 12,619 square feet of built space and 31,230 square feet of additional air rights for a total buildable of 43,849 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,862 and the price per buildable square foot is $535 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Frank J. Rio was Frank J. Rio. The signatory for Popular Bank was Travis Schelhorn.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
This is a planned 53-unit, nine-story mixed-use building. Frank J. Rio is a lawyer in Brooklyn. In the 2015 mortgage for the property, he signed as the sole member of the owner LLC.
Within a 400-foot radius of 360 Dean Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, four were in new building development. There were one new building permit application and three new building permits. The most recent of these four items was a permit on November 17, 2021 for a 46,985-square-foot R-2 building with 53 residential units at 52 4th Avenue.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 4, 2021 for the $3 million renovation of 7,788-square-foot R-2 building with eight residential units at 332 Bergen Street.
Of those eight items, two were sales above $5 million totaling $20.4 million. The most recent of the two was Joel Schwartz which bought the 3,792-square-foot, five-unit mixed-use building (S4) on 65 4th Avenue and one other property for $7.4 million from James McGown on June 17, 2021.
One of those eight items was a loan which Joseph Brunner borrowed $45.0 million from Bank Leumi secured by the 24,960-square-foot, one-unit office building (O7) on 35 4th Avenue on July 26, 2021.

Direct link to Acris document. link