Acumen Capital signs $43M refi loan with Square Mile in Bedford-Stuyvesant

Acumen Capital Partners through the entity ACP Bk I LLC as borrower signed a refi loan with lender Square Mile Capital Management through the entity Sm Finance Warehouse III LLC valued at $43 million for three properties including the industrial (F5) at 475 Marcy Avenue in Bedford-Stuyvesant, Brooklyn, retail building (K1) at 497 Marcy Avenue in Bedford-Stuyvesant, Brooklyn, and industrial (G7) at N/A Hopkins Street in Bedford-Stuyvesant, Brooklyn.
The deal closed on June 30, 2021 and was recorded on July 29, 2021.
The three properties have 576,473 square feet of built space and 1,121,511 square feet of additional air rights for a total buildable of 1,698,125 square feet according to PincusCo analysis of city data. The loan price per built square foot is $74 and the price per buildable square foot is $25 per the PincusCo analysis.
The signatory for Acumen Capital Partners was Ashish Dua.
Over the past five years, there have been 39 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $20,000. There were 37 renovation/alteration projects (A2) applied for with a total estimated value of $8.2 million. One of the projects were to change the building from a COM to a A-3.
Ashish Dua is co-founder of Acumen Capital Partners.

Within a 400-foot radius of 475 Marcy Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on November 2, 2020 for the $1.8 million renovation of 8,000-square-foot R-2 building with 62 residential units at 492 Marcy Avenue.

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