Brooklyn North Capital signs $23.8M refi with Sterling for 12 properties in Brooklyn

Brooklyn North Capital through the entity 126 Boerum LLC as borrower signed a refi loan with lender Sterling National Bank valued at $23.8 million for 12 properties including the 12-unit rental (D1) at 912 Bergen Street in Crown Heights, Brooklyn, seven-unit rental (C4) at 99 Rogers Avenue in Crown Heights, Brooklyn, and seven-unit rental (C7) at 1486 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on May 24, 2021 and was recorded on July 26, 2021.
The 12 properties have 75,674 square feet of built space and 0 square feet of additional air rights for a total buildable of 70,444 square feet according to PincusCo analysis of city data. The loan price per built square foot is $314 per the PincusCo analysis.
The signatory for Brooklyn North Capital was Menahem Chukroon.
(320819655)The DOB issued a new construction (NB) initial temporary certificate of occupancy for at least one of the buildings, with 9 residential units on February 16, 2017. (320819664) Plans for a 7-unit, 4,637 square-foot R-2 were filed for that parcel on June 3, 2014 and were permitted on August 4, 2015.
Chuckroon is founder of Brooklyn North Capital.

Within a 400-foot radius of 220 Vernon Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on August 10, 2020 for the $820,000 renovation of 4,850-square-foot R-2 building with seven residential units at 682 Willoughby Avenue.
One of those two items was a loan which Cornell Realty Management borrowed $47.9 million from Popular Bank secured by the 141,128-square-foot, 69-unit rental (D7) on 946 Myrtle Avenue on January 15, 2020.

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