Bronstein Properties refis 384-unit Brooklyn portfolio with $40M from Capital One

Bronstein Properties through the entity Ditmas Park 2212 LLC as borrower (and others) signed a loan agreement with lender Capital One valued at $40 million for 8 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 384 residential units at 2212 Ditmas Avenue, 446 Ocean Avenue, 50 East 21st Street, 349 East 19th Street, 189 East 18th Street, and others in Flatbush and elsewhere in Brooklyn. The deal closed on July 28, 2020 and was recorded on August 31, 2020.
The property has 449,879 square feet of built space and available development rights.
The average loan per unit is $104,167.
Barry Rudofsky of Bronstein was the signatory.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $58,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link