Bronstein Properties refis $78M with Signature Bank for 6 rental buildings

Bronstein Properties refinanced $78.25 million with Signature Bank for six rental buildings in Queens and Brooklyn in six separate transactions covering 416 rental units.

In the first, Bronstein Properties through the entity Woodhaven 88 LLC as borrower signed a loan agreement with lender Signature Bank valued at $20.6 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 127 residential units at 90-19 88th Avenue in Woodhaven. The deal closed on March 9, 2021 and was recorded on March 30, 2021.
The property contains a total of 150,000 square feet of built space.
The average loan per unit is $162,205.
The last time the property sold was October 31, 2019 for $15,815,879.
Direct link to Acris document. link

In the second, Bronstein Properties through the entity Hicks 136 LLC as borrower signed a loan agreement with lender Signature Bank valued at $14.3 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 46 residential units at 136 Hicks Street in Brooklyn Heights. The deal closed on March 9, 2021 and was recorded on March 30, 2021.
The property contains a total of 48,414 square feet of built space.
The average loan per unit is $310,870.
The last time the property sold was October 31, 2019 for $20,374,314.
Direct link to Acris document. link

In the third, Bronstein Properties through the entity Bay Ridge 74 LLC as borrower signed a loan agreement with lender Signature Bank valued at $12.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 66 residential units at 252 74th Street in Bay Ridge. The deal closed on March 9, 2021 and was recorded on March 30, 2021.
The property contains a total of 67,056 square feet of built space.
The average loan per unit is $181,818.
The last time the property sold was October 31, 2019 for $12,984,740.
Direct link to Acris document. link

In the fourth, Bronstein Properties through the entity Sunnyside 47-21 LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 58 residential units at 47-21 41st Street in Sunnyside. The deal closed on March 9, 2021 and was recorded on March 30, 2021.
The property contains a total of 64,758 square feet of built space.
The average loan per unit is $189,655.
The last time the property sold was October 31, 2019 for $12,866,408.
Direct link to Acris document. link

In the fifth, Bronstein Properties through the entity Sunnyside 45-42 LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 59 residential units at 45-42 41st Street in Sunnyside. The deal closed on March 9, 2021 and was recorded on March 30, 2021.
The property contains a total of 69,348 square feet of built space.
The average loan per unit is $186,441.
The last time the property sold was October 31, 2019 for $11,391,672.
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.

Direct link to Acris document. link

In the sixth, Bronstein Properties through the entity Richmond Hill 115 LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.3 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units at 87-24 115th Street in Richmond Hill. The deal closed on March 9, 2021 and was recorded on March 30, 2021.
The property contains a total of 65,976 square feet of built space.
The average loan per unit is $155,833.
The last time the property sold was October 31, 2019 for $10,983,691.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $80,000.

Direct link to Acris document. link