Capstone signs $70M acquisition loan with Corebridge for office in Downtown Brooklyn

Capstone Equities through the entity 141 Willoughby Fee Owner LLC as borrower signed a acquisition loan with lender Corebridge Financial through the entity Corebridge Institutional Investments (U.S.), LLC valued at $70 million for two properties including the office building (O4) at 141 Willoughby Street in Downtown Brooklyn, Brooklyn.

Capstone and BH3 Management acquired the building on July 22, 2025, in a transaction the city valued at $86 million, after buying the note.

The new loan closed on July 25, 2025 and was recorded on August 19, 2025. The prior lender was Capstone Equities which held debt that had an original loan amount of $181 million. The property has 343,701 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $203 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 Capstone Equities was Avi Kollenscher . Capstone bought the prior debt, then declared the loans paid off. Corebridge Financial was the note on note lender to Capstone for the loan purchase.

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 141 Willoughby Street.

Prior sales and revenue

Out of the two properties, one with a total of 343,701 square feet of built space generated revenue of $20 million per year.

The property

The office building in Downtown Brooklyn has 343,701 square feet of built space and 26,550 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 132 feet and is 200 feet deep with a total lot size of 18,026 square feet. The lot is irregular. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $105.3 million. The most recent loan totaled $181 million and was provided by PIMCO on May 7, 2021.

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 $600 in OATH penalties in the last year.

The neighborhood

In Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 1.4 times the average sales volume among other neighborhoods with $398.9 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Downtown Brooklyn has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 141 Willoughby Street, PincusCo has identified the owners of two of the three commercial properties representing 332,608 square feet of the 332,608 square feet. The identified owner is BH3 Management.
On the tax block, there was one new building construction project filed totaling 310,077 square feet. It is a 310,077 square-foot business (B) building submitted by Savanna and filed by Gregory Jaffe with plans filed May 29, 2019 and permitted August 11, 2020.

The majority, or 100 percent of the 332,608 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Capstone Equities owned at least eight commercial properties in New York City with 1,124,666 square feet and a city-determined market value of $184 million. (Market value is typically about 50% of actual value.) The portfolio has $139 million in debt, with top three lenders as Argentic Investment Management, Aareal Capital, and Ellington Management Group respectively. Within the portfolio, the bulk, or 64 percent of the 1,124,666 square feet of built space are office properties, with hotel properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Brooklyn, with Manhattan next at 36 percent of the space.

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