Alembic signs $30M construction loan with Citizens Bank for development in Brownsville
Affordable housing developer Alembic Community Development through the entity Brownsville Crossing Owner LLC as borrower signed a new construction loan with lender Citizens Bank valued at $30 million for three development parcels including the vacant land (V1) at 47 New Lots Avenue in Brownsville, Brooklyn, development building (V0) at 120-122 Liberty Avenue in Brownsville, Brooklyn, and vacant lant (V0) at 609 Osborn Street in Brownsville, Brooklyn.
The deal closed on November 14, 2023 and was recorded on November 30, 2023. The three properties have zero square feet of built space.
The signatory for Alembic Community Development was Benjamin Warnke.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
On these lots, there are four active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 48,618 square feet. The largest is a new building project for a 17-unit, 16,465 square-foot R-2 building submitted by Rona Reodica of HPD with plans filed December 10, 2019 and it has not been permitted yet. The second largest is a new building project for a 16-unit, 12,448 square-foot R-2 building submitted by Raj Singh with plans filed November 15, 2018 and permitted October 15, 2021.
The neighborhood
In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $122.1 million in sales volume in the last two years. For development, Brownsville has had very little major development activity relative to other neighborhoods.It had 827,312 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On the tax block, there were two new building construction projects totaling 28,913 square feet. The largest is a 17-unit, 16,465 square-foot residential (R-2) building submitted by Rona Reodica with plans filed December 10, 2019 and it has not been permitted yet. The second largest is a 16-unit, 12,448 square-foot residential (R-2) building submitted by Raj Singh with plans filed November 15, 2018 and permitted July 7, 2021.
The majority, or 100 percent of the 5,900 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.
Direct link to Acris document. link