Brookfield Properties signs $292.5M take-out loan with MF1 Capital for 421-unit elevator building in Greenpoint

Brookfield Properties through the entity Bop Greenpoint F LLC as borrower signed a refi loan with lender MF1 Capital through the entity Mf1 Capital LLC valued at $292.5 million for the 421-unit residential elevator building at 41 Blue Slip in Greenpoint, Brooklyn.
The deal closed on December 30, 2021 and was recorded on January 18, 2022. The prior lender was Bank of Novia Scotia which held debt that had an original loan amount of $217.3 million.
The property has 448,412 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $652 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 owner bought the property on October 19, 2015, for $59.8 million.
The signatory for Brookfield Properties was Ralph Toussie. The signatory for MF1 Capital was Jonathan Pfeil.
(320597449)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 421 residential units on January 30, 2020. (320597449) Plans for a 421-unit, 371,134 square-foot R-2 were filed on December 17, 2014 and were permitted on October 20, 2017.
This is a take-out loan including a $75.2 million gap loan, replacing a $217.3 million senior loan.

In Greenpoint, the majority, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume in the city with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
On the tax block, the majority, or 82 percent of the 2.6 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 14 percent of the space.
Within a 400-foot radius of 41 Blue Slip, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on October 26, 2021 for a 365,651-square-foot R-2 building with 378 residential units at 16 Dupont Street.
One of those three items was a loan which Brookfield Properties borrowed $188.4 million from Otera Capital secured by the 326,250-square-foot, 416-unit rental (D7) on Commercial Street and one other property on May 21, 2021.

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