Brisa Builders signs $165.2M construction loan for 233-unit project in Brownsville
Brisa Builders through the entity Glenmore Manor Apartments, LLC as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $165.2 million for the 233-unit development (V1) at 97 Glenmore Avenue in Brownsville, Brooklyn.
The deal closed on June 29, 2023 and was recorded on July 25, 2023.
There is a 233-unit, 203,611 square-foot residential (R-2) building submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed February 17, 2022 and permitted June 28, 2023.
The signatory for Brisa Builders was Ericka Keller-Wala. The signatory for NYC Housing Development Corporation was Lauren Connors.
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 not received any significant violations in the last year.
The neighborhood
In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $111.7 million in sales volume in the last two years. For development, Brownsville has had very little major development activity relative to other neighborhoods.It had 861,776 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 12,525 square feet of the 25,153 square feet. The two identified owners are Marvin Rebew and Mark Kohn.
On the tax block, there were three new building construction projects totaling 210,633 square feet. The largest is a 233-unit, 203,611 square-foot residential (R-2) building submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed February 17, 2022 and permitted June 28, 2023. The second largest is a three-unit, 3,596 square-foot residential (R-2) building submitted by Dwanye Jeffery with plans filed October 7, 2015 and permitted December 14, 2018.
The majority, or 93 percent of the 25,153 square feet of built space are walkup buildings, with mixed-use buildings next occupying 7 percent of the space.
Direct link to Acris document. link