Canvas, Tokyu sign $60M refi with MUFG Bank in Downtown Brooklyn
Canvas Investment Partners and Tokyu Land US through the entity 430 Albee Bk Owner LLC as borrower signed a refi loan with lender MUFG Bank valued at $60 million for the 150-unit rental building at 430 Albee Square in Downtown Brooklyn, Brooklyn.
The deal closed on February 28, 2025 and was recorded on March 6, 2025. The prior lender was Tokyu Land US which held debt that had an original loan amount of $57 million. The two commercial condominium units that compose the property have 160,577 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $373 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 Canvas Investment Partners and Tokyu Land US was Robert Morgenstern . The signatory for MUFG Bank was Masahiro Masuyama.
The property
The rental condo with 150 residential units in Downtown Brooklyn has 160,577 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 129,410 square feet. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $36.9 million. The most recent loan totaled $57 million and was provided by Tokyu Land US on November 14, 2024.
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 not received any significant violations 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 430 Albee Square, PincusCo has identified the owners of three of the seven commercial properties representing 262,607 square feet of the 684,181 square feet. The largest owner is Michael Chera, followed by Daniel Gazal and then Webster Apartments.
On the tax block, there were four new building construction projects totaling 499,349 square feet. The largest is a 387,801 square-foot business (B) building submitted by JEMB Realty and filed by Morris Jerome with plans filed September 20, 2017 and permitted February 13, 2018. The second largest is a 110-unit, 89,295 square-foot residential (R-2) building submitted by Daniel Gazal with plans filed April 28, 2014 and permitted March 10, 2016.
The majority, or 58 percent of the 684,181 square feet of built space are office buildings, with retail buildings next occupying 20 percent of the space.
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