Benjamin Landa signs $39.7M refi loan with BOK Financial for nursing home in East New York

Benjamin Landa through the entity Spring Creek Snf Realty LLC as borrower signed a refi loan with lender BOK Financial through the entity Bank Of Texas valued at $39.7 million for the nursing home building (I6) at 660 Louisiana Avenue in East New York, Brooklyn.
The deal closed on October 18, 2023 and was recorded on November 6, 2023. The prior lender was Dwight Capital which held debt that had an original loan amount of $41 million.
The property has 125,836 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $315 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 owner bought the property on June 30, 2022, for $40.4 million. The signatory for Benjamin Landa was Benjamin Landa. The signatory for BOK Financial was Anthony J. Martin. Benjamin Landa is a nursing home owner and co-founder of SentosaCare in 1989.

The property

The specialty building in East New York has 125,836 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 339 feet and is 282 feet deep with a total lot size of 98,374 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $54.8 million. The most recent loan totaled $41 million and was provided by Dwight Capital on June 30, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $7,560 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.5 times the average sales volume among other neighborhoods with $911.2 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 6th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 36 commercial properties representing 244,428 square feet of the 357,766 square feet. The largest owner is Petroleum Marketing Group, followed by Marx Development Group and then Benjamin Landa.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 357,766 square feet of built space are specialty buildings, with retail buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Benjamin Landa owned at least two commercial properties in New York City with 159,230 square feet and a city-determined market value of $58.6 million. (Market value is typically about 50% of actual value.) The portfolio has $49.7 million in debt, borrowed from Dwight Capital and Peapack-Gladstone Bank. Within the portfolio, all identified are specialty properties. The bulk, or 79 percent of the built space, is in Brooklyn, with Queens next at 21 percent of the space.

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