Afshin Hedvat borrows $10.5M from Ellington Financial for new 24-unit property in Bedford-Stuyvesant

Afshin Hedvat through the entity 1044 Bedford Holdings LLC as borrower signed a loan agreement with lender Ellington Financial through the entity Ellington Management Group, LLC valued at $10.5 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 24 residential units at 1044 Bedford Avenue in Bedford-Stuyvesant. The deal closed on October 14, 2020 and was recorded on October 23, 2020.
The property contains a total of 16,335 square feet of built space. The property has 18,942 square feet of available development rights.
The average loan per unit is $437,500.
The last time the property sold was October 30, 2015, for $5,260,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 24 residential (or hotel) units on June 10, 2020.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.There has been one new building permit application totaling 13,966 square feet. Those plans include a total of 24 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Katherine Meagher