Bushburg Properties signs $130M refi for 640-unit complex in East New York

Bushburg Properties through the entity Empire State Dairy LLC as borrower signed a refi loan with lender MF1 Capital valued at $130 million for the 640-unit complex with addresses including 2840 Atlantic Avenue, 191 Schenck Avenue and 260 Barbey Street, all in East New York, Brooklyn.
The deal closed on November 19, 2024 and was recorded on December 2, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $105 million.
The complex is divided into three commercial condominium units.
The signatory for Bushburg Properties was Abraham J. Hoffman. The signatory for MF1 Capital was Jonathan Pfeil.

The block

On the tax block of 2840 Atlantic Avenue, PincusCo has identified the owners of one of the 12 commercial properties representing 36,000 square feet of the 60,864 square feet. The identified owner is Bushburg Properties.
On the tax block, there was one new building construction project filed totaling 273,133 square feet. It is a 320-unit, 273,133 square-foot residential (R-2) building submitted by Bushburg Properties and filed by Abraham Hoffman with plans filed June 27, 2019 and permitted December 23, 2021.

The majority, or 92 percent of the 60,864 square feet of built space are industrial buildings, with mixed-use buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Bushburg Properties owned at least eight commercial properties with 1,037 residential units in New York City with 1,795,282 square feet and a city-determined market value of $230 million. (Market value is typically about 50% of actual value.) The portfolio has $347.6 million in debt, with top three lenders as Pine Financial Ltd., Valley National Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 67 percent of the 1,795,282 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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