Aini Assets signs $21M initial loan with Morgan Stanley for new 48-unit rental in Flatbush

Aini Assets through the entity 1634 Church Ave Holding LLC as borrower signed an initial loan with lender Morgan Stanley Bank valued at $21 million for the 48-unit rental (D6) at 1694 Church Avenue in Flatbush, Brooklyn.
The deal closed on October 22, 2021 and was recorded on October 25, 2021.
(321831862) Plans for a 48-unit, 41,606 square-foot R-2 were filed on August 31, 2018 and were permitted on December 30, 2019.
The property has total buildable of 41,392 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $507 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 Aini Assets was Jacob Aini.

Within a 400-foot radius of 1694 Church Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Camber Property Group bought the 19,544-square-foot, 16-unit rental (C1) on 95 East 18th Street and one other property for $6.8 million from Coltown Properties on May 22, 2020.
One of those two items was a loan which Camber Property Group borrowed $65.6 million from Merchants Bank of Indiana secured by the 37,800-square-foot, 16-unit rental (C1) on 95 East 18th Street and seven other properties on May 22, 2020.

Direct link to Acris document. link