Bruman Realty signs $40.8M refi with Madison Realty for 45-unit project in Williamsburg

Bruman Realty through the entity Wythe Owner LLC as borrower signed a refi loan with lender Madison Realty Capital through the entity 296 Wythe St 1 LLC valued at $40.8 million for the 45-unit elevator building project at 296 Wythe Avenue in Williamsburg, Brooklyn.
The deal closed on December 13, 2021 and was recorded on January 20, 2022. The prior lender was Sterling National Bank which held debt that had an original loan amount of $18.5 million.

The owner bought the property on November 6, 2015, for $26.5 million.
The signatory for Bruman Realty was Joseph Brunner. The signatory for Madison Realty Capital was David Speiser.
(321599105) Plans for a 45-unit, 51,398 square-foot R-2 were filed on December 1, 2020.
This property was reported in mid-2020 to be among a portfolio Bruman was to sell to Dalan Management for $860 million.

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, the majority, or 37 percent of the 149,855 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 28 percent of the space.
Within a 400-foot radius of 296 Wythe Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, four were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.7 million, one permit with a total initial cost of $1.7 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.3 million. The most recent of these four items was the filing on March 18, 2021 for a 44,921-square-foot R-2 building with 27 residential units at 100 Metropolitan Avenue.
Of those eight items, two were sales above $5 million totaling $25.3 million. The most recent of the two was DAX Real Estate which bought the 6,798-square-foot, seven-unit mixed-use building (S5) on 237 Kent Avenue and one other property for $12.3 million from Mendel Gold on December 30, 2021.
Of those eight items, two were loans above $5 million totaling $17.2 million. The most recent of the two was DAX Real Estate which borrowed $9.2 million from IberiaBank secured by the 6,798-square-foot, seven-unit mixed-use building (S5) on 237 Kent Avenue and one other property on December 30, 2021.

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