Builders Group USA signs $10.3M refi loan with Symetra for four walkups in Bronx

Builders Group USA through the entity 1130 Sherman LLC as borrower signed a refi loan with lender Symetra Life Insurance Company valued at $10.3 million for four residential walkup properties with 38 residential units including the eight-unit residential walkup building (C5) at 1130 Sherman Avenue in Concourse Village, Bronx, 10-unit residential walkup building (C1) at 1334 Findlay Avenue in Claremont Village, Bronx, and 10-unit residential walkup building (C1) at 1338 Findlay Avenue in Claremont Village, Bronx.
The deal closed on July 21, 2025 and was recorded on August 20, 2025. The prior lender was BX Capital. The four properties have 17,769 square feet of built space and 18,977 square feet of additional air rights for a total buildable of 36,752 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $582 and the price per buildable square foot is $281 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Builders Group USA was Yitzchok Salamon . The signatory for Symetra Life Insurance Company was Vincent J. Reilly .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1130 Sherman Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Yitzchok Salamon, head officer and Herman Askal, agent. The business entity is 1130 Sherman Llc. Out of the four properties, three with a total of 17,769 square feet of built space generated revenue of $461,313 per year.

The property

The residential walkup building with 8 residential units in Concourse Village has 17,769 square feet of built space and 18,977 square feet of additional air rights for a total buildable of 36,752 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 100 feet deep with a total lot size of 3,300 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $802,800.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 30 housing violations and $4,525 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 1130 Sherman Avenue, PincusCo has identified the owners of four of the 10 commercial properties representing 166,399 square feet of the 222,541 square feet. The largest owner is Chestnut Holdings, followed by Morgan Group and then Settlement Housing Fund.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 222,541 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Builders Group Usa owned at least three commercial properties with 12 residential units in New York City with 18,580 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 18,580 square feet of built space are office properties, with B1 properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Bronx next at 18 percent of the space.

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