CareRite signs $50.1M refi for nursing home in Flatbush

CareRite Centers through the entity 135 Linden Blvd LLC as borrower signed a refi loan with lender Customers Bank valued at $50.1 million for the Monarch at Brooklyn Rehabilitation and Nursing Center building (I6) at 135 Linden Boulevard in Flatbush, Brooklyn.
The deal closed on May 28, 2025 and was recorded on June 6, 2025. The prior lender was Popular Bank which held debt that had an original loan amount of $26 million. The property has 103,450 square feet of built space and 80,062 square feet of additional air rights for a total buildable of 183,610 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $484 and the price per buildable square foot is $272 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 June 30, 2021, for $40 million. The signatory for CareRite Centers was Mark Friedman . The signatory for Customers Bank was Charles Smith.

The facility is operated by and entity controlled by Eliezer Zelman, state records show.

The property

The specialty building in Flatbush has 103,450 square feet of built space and 80,062 square feet of additional air rights for a total buildable of 183,610 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 285 feet deep with a total lot size of 53,375 square feet. The lot is irregular. 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 $21.3 million. The most recent loan totaled $26 million and was provided by Popular Bank on August 9, 2021.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 13, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Flatbush, The majority, or 54 percent of the 37.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 22 percent of the space. In sales, Flatbush has 2.2 times the average sales volume among other neighborhoods with $579.7 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 12th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 18 commercial properties representing 1,293,886 square feet of the 1,309,380 square feet. The largest owner is Moinian Group, followed by David Katz and then Rester Management.
On the tax block, there was one new building construction project filed totaling 28,605 square feet. It is a 37-unit, 28,605 square-foot residential (R-2) building submitted by Brookland Capital and filed by Boaz Gilad with plans filed November 16, 2015 and permitted April 5, 2017.

The majority, or 91 percent of the 1.3 million square feet of built space are elevator buildings, with specialty buildings next occupying 8 percent of the space.

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