Beitel Group signs $155M refi with Dwight Capital for newly built rentals in Mott Haven

Beitel Group through the entity Walton Street GC Developments LLC as borrower signed a refi loan with lender Dwight Capital through the entity DBF SPE III LLC valued at $155 million for two residential elevator properties with 405 residential units including the 122-unit residential elevator building (D1) at 315 Grand Concourse in Mott Haven, Bronx and 283-unit residential elevator building (D1) at 261 Grand Concourse in Mott Haven, Bronx.
The deal closed on August 7, 2025 and was recorded on August 14, 2025. The prior lender was Slate Property Group which held debt that had an original loan amount of $135 million. The two properties have 321,686 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $481 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 Beitel Group was Ben Beitel . The signatory for Dwight Capital was Adam Sasouness .

Prior sales and revenue

The two properties with a total of 321,686 square feet of built space generated revenue of $10.6 million per year or $33 per square foot.

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 received one DOB violation, $51,150 in ECB penalties, and $56,125 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 265,386 square feet. The largest, X00673520, is a new building project for a 240-unit, 192,026 square-foot R-2 building submitted by Michael Lichtenstein and filed by Yechial Lichtenstein with plans filed February 28, 2022 and permitted November 13, 2024. The second largest, X00561795, is a new building project for a 96-unit, 73,360 square-foot R-2 building submitted by Beitel Group and filed by Binyamin Beitel with plans filed August 9, 2021 and permitted September 25, 2024.

The block

On the tax block of 315 Grand Concourse, PincusCo has identified the owners of eight of the 11 commercial properties representing 292,457 square feet of the 351,966 square feet. The largest owner is Altmark Group, followed by Beitel Group and then Knickpoint Ventures.
On the tax block, there were five new building construction projects totaling 784,155 square feet. The largest is a 470-unit, 306,893 square-foot residential (R-2) building submitted by Beitel Group and filed by Binyamin Beitel with plans filed January 13, 2022 and permitted April 4, 2024. The second largest is a 240-unit, 192,026 square-foot residential (R-2) building submitted by Michael Lichtenstein and filed by Yechial Lichtenstein with plans filed February 28, 2022 and permitted June 11, 2024.

The majority, or 68 percent of the 351,966 square feet of built space are industrial buildings, with specialty buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Beitel Group owned at least 13 commercial properties with 969 residential units in New York City with 344,533 square feet and a city-determined market value of $37.5 million. (Market value is typically about 50% of actual value.) The portfolio has $591.7 million in debt, with top three lenders as Slate Property Group, MF1 Capital, and Parke Bank respectively. Within the portfolio, the bulk, or 39 percent of the 344,533 square feet of built space are industrial properties, with elevator properties next occupying 31 percent of the space. The bulk, or 62 percent of the built space, is in Brooklyn, with Bronx next at 38 percent of the space.

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