Candor Capital signs $19.5M refi for new 43-unit building in Midwood

Candor Capital through the entity Cedar St 1613 Holdings LLC as borrower signed a refi loan with lender Dwight Capital through the entity Dbf Spe 111 LLC valued at $19.5 million for the newly constructed 43-unit building at 1615 Cedar Avenue in Midwood, Brooklyn.

Charles Wurzberger developed the 43-unit, 31,195-square-foot building under the job number 321649908, submitted September 5, 2017, and permitted on May 19, 2022. The final certificate of occupancy was issued May 1, 2025.
The loan closed on August 15, 2025 and was recorded on August 25, 2025. The prior lender was S3 Capital which held debt that had an original loan amount of $16 million. The property has 31,195 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $625 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 owner bought the property on November 6, 2023, for $4.5 million. The signatory for Candor Capital was Chaim Wurzberger . The signatory for Dwight Capital was Ari Spodek.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Chaim Wurtzberger, head officer and Shea Breuer, agent. The business entities are Candor Capital and Cedar St 1613 Holdings Llc.

The property

The parcel has frontage of 123 feet and is 108 feet deep with a total lot size of 6,146 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $399,000. The most recent loan totaled $16 million and was provided by S3 Capital on November 6, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $25 in OATH penalties in the last year.

The neighborhood

In Midwood, The majority, or 53 percent of the 19.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Midwood has had very little sales volume relative to other neighborhoods with $232.3 million in sales volume in the last two years. For development, Midwood has had very little major development activity relative to other neighborhoods.It had 367,938 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 26,340 square feet of the 58,729 square feet. The two identified owners are Jeno Guttmann and Burke Leighton Group.
On the tax block, there was one new building construction project filed totaling 7,276 square feet. It is a 10-unit, 7,276 square-foot residential (R-2) building submitted by Joseph Horowitz with plans filed August 31, 2017 and it has not been permitted yet.

The majority, or 55 percent of the 58,729 square feet of built space are mixed-use buildings, with walkup buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Candor Capital owned at least 13 commercial properties with 279 residential units in New York City with 49,908 square feet and a city-determined market value of $19.7 million. (Market value is typically about 50% of actual value.) The portfolio has $172.4 million in debt, with top three lenders as S3 Capital, Morgan Stanley, and Valley National Bank respectively. Within the portfolio, the bulk, or 34 percent of the 49,908 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 41 percent of the space.

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