Bruman Realty borrows $14M from Starwood for new 100-unit rental in Brownsville

Bruman Realty through the entity Powell Realty Holdings LLC as borrower signed a loan agreement with lender Starwood Mortgage Capital LLC valued at $13.5 million for 1 parcel at 313 Powell Street in Brownsville. The deal closed on September 14, 2020 and was recorded on October 2, 2020.
The property contains a total of 44,663 square feet of built space.
The average loan per buildable square foot is $302.
Starwood increased the debt with a $5 million gap loan. The last time the property sold was February 19, 2015, for $5,145,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 100 residential units on June 3, 2020.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,112,000. Those filings sought to increase the number of residential units by 100 to 100 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $504,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link