Bruman Realty signs $53M refi with Arbor for Bed-Stuy rental reported in contract to Dalan Mgmt.

Bruman Realty through the entity Porter Ave Holdings LLC as borrower signed a refi loan agreement with lender Arbor Realty Trust valued at $53 million for the 116-unit rental (D6) at 1134 Fulton Street in Bedford-Stuyvesant, Brooklyn.
The deal closed on March 30, 2021 and was recorded on April 26, 2021.
Arbor refinanced a $53 million construction loan Centennial Bank provided in 2017. The Real Deal reported in July 2020 that this was one building in a 1,275-unit portfolio that Bruman had in contract to sell to Dalan Management for $1.25 billion. Bloomberg reported a few weeks later the price was $860 million.
The property has 164,163 square feet of built space and 0 square feet of additional air rights for a total buildable of 108,124 square feet according to PincusCo analysis of city data. The loan price per built square foot is $322 per the PincusCo analysis.
The owner bought the property on 16-Jun-14, for $19.0 million.
The signatory for Bruman Realty was Joseph Brunner.
(321128999)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 182 residential units on May 1, 2020. (321128999) Plans for a 182-unit, 144218.0 square-foot R-2 were filed on May 12, 2015.
The owner according to the Department of Housing Preservation and Development is Ari Worch, head officer. The business entity is Porter Ave Holdings Llc.