BQBP signs $6.3M refi with Starwood Capital for two rentals in Brooklyn

BQBP through the entity 385 Classon Suites LLC as borrower signed a refi loan with lender Starwood Capital Group through the entity Starwood Mortgage Capital LLC valued at $6.3 million for two rentals including the eight-unit rental (C1) at 385 Classon Avenue in Bed-Stuy, Brooklyn and six-unit rental (C2) at 638 Wilson Avenue in Bushwick, Brooklyn.
The deal closed on August 30, 2021 and was recorded on September 27, 2021.
The two properties have 10,658 square feet of built space and 1,318 square feet of additional air rights for a total buildable of 11,991 square feet according to PincusCo analysis of city data. The loan price per built square foot is $591 and the price per buildable square foot is $525 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 BQBP was David Banda.
(310105052) Plans for a 8-unit, 5,631 square-foot J-2 were filed on February 27, 2008 and were permitted on June 17, 2008.
BQBP is a retailer and distributor based in Staten Island founded by David Banda and Joe Landau.

Within a 400-foot radius of 385 Classon Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were three initial temporary certificate of occupancy issuances for projects that initially costed $6 million. The most recent of these three items was the temporary certificate of occupancy on December 22, 2020 for a 15,715-square-foot R-2 building with 10 residential units at 283 Greene Avenue.
One of those six items was a sale which FREO Group bought the 57,937-square-foot, 40-unit rental (D1) on 83 Clifton Place for $22.9 million from G-Way Management on January 22, 2020.
Of those six items, two were loans above $5 million totaling $31.2 million. The most recent of the two was Moses Karpen which borrowed $13.8 million from Arbor Commercial Funding I, LLC secured by the 6,722-square-foot, nine-unit rental (C1) on 123 Clifton Place and two other properties on February 18, 2021.

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