Black Spruce signs $21M refi with Sterling National for 14 properties in Crown Heights

Black Spruce Management through the entity Hp Mjm Housing Development Fund Company, Inc. as borrower signed a refi loan with lender Sterling National Bank valued at $21 million for 14 properties including the 15-unit rental (C1) at 651 Classon Avenue in Crown Heights, Brooklyn, eight-unit rental (C1) at 643 Franklin Avenue in Crown Heights, Brooklyn, and eight-unit rental (C1) at 515 St Marks Avenue in Crown Heights, Brooklyn.
The deal closed on October 25, 2021 and was recorded on November 12, 2021.
The 14 properties have 84,410 square feet of built space and 28,552 square feet of additional air rights for a total buildable of 108,610 square feet according to PincusCo analysis of city data. The loan price per built square foot is $248 and the price per buildable square foot is $193 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 Black Spruce Management was Joshua Gotlib.

Within a 400-foot radius of 663 Classon Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on August 27, 2020 for a 29,310-square-foot R-2 building with 42 residential units at 643 Classon Avenue.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 17, 2021 for the $1.7 million renovation of 26,606-square-foot B building with no residential units at 964 Dean St.
Of those four items, two were loans above $5 million totaling $36.2 million. The most recent of the two was Alma Realty which borrowed $30.0 million from Deutsche Bank secured by the 141,019-square-foot, 136-unit rental (D9) on 880 Bergen Street on November 12, 2020.

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