Bruman Realty signs $54M construction loan with Bank Hapoalim for 171-unit development in Flatlands

Bruman Realty through the entity 1640 Flatbush Oz Owner LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $54 million for the development site (V1) at 1640 Flatbush Avenue in Flatlands, Brooklyn.
The deal closed on December 20, 2021 and was recorded on December 30, 2021.
(321592344) Plans for a 171-unit, 130,855 square-foot R-2 were filed on July 6, 2020.

The owner bought the property on December 30, 2019, for $16.1 million.
The signatory for Bruman Realty was Joseph Brunner. Joseph Brunner is part of Bruman Realty.

Within a 400-foot radius of 1640 Flatbush Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on June 22, 2020 for the $750,000 renovation of 13,627-square-foot B building with no residential units at 1623 Flatbush Avenue.
Of those three items, two were loans above $5 million totaling $30.5 million. The most recent of the two was Parkoff Organization which borrowed $18 million from Esquire Bank secured by the 83,450-square-foot, 77-unit rental (D1) on 3101 Avenue I and one other property on March 30, 2021.

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