Beitel Group signs $9.5M refi with Wells Fargo for two commercial condos in Kensington

Beitel Group through the entity 5501 New Utrecht LLC as borrower signed a refi loan with lender Wells Fargo valued at $9.5 million for two commercial condominium units (CC) at 5501 New Utrecht Avenue in Kensington, Brooklyn.
The deal closed on July 19, 2021 and was recorded on August 19, 2021.

The signatory for Beitel Group was Binyamin “Ben” Beitel.

Within a 400-foot radius of 5501 New Utrecht Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 16, 2020 for the $1.6 million renovation of 10,663-square-foot R-2 building with seven residential units at 1280 56th St.
Of those four items, three were loans above $5 million totaling $20.1 million. The most recent of the three was Jacob Fulop which borrowed $5.0 million from Northeast Community Bank secured by the 5,175-square-foot, nine-unit mixed-use building (S9) on 5602 13thavenue on August 13, 2021.

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