Carlyle, Greenbrook sign $20.3M loan with Invesco for 12 properties in NYC

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental, L.L.C as borrower signed a loan with lender Invesco Real Estate through the entity Invesco Cmi Investments, L.P. valued at $20.3 million for 12 properties including the eight-unit rental (C1) at 970 Greene Avenue in Bed Stuy, Brooklyn, six-unit rental (C2) at 861 Halsey Street in Bed Stuy, Brooklyn, and six-unit rental (C2) at 25 Van Buren Street in Bed Stuy, Brooklyn.
The deal closed on December 1, 2021 and was recorded on January 3, 2022.
The 12 properties have 48,294 square feet of built space and 11,354 square feet of additional air rights for a total buildable of 55,354 square feet according to PincusCo analysis of city data. The loan price per built square foot is $419 and the price per buildable square foot is $365 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 Carlyle Group and Greenbrook Partners was Jason Hart. The signatory for Invesco Real Estate was Jason W. Geer.

This is part of a larger $175 million funding.
The owners according to the Department of Housing Preservation and Development includes Gregory Fournier, head officer and Bogdan May, site manager. The business entity is Greenbrook Thr Owner Llc.

Within a 400-foot radius of 1198 Hancock Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $554,400 and one initial temporary certificate of occupancy issuance for a project that initially costed $523,949. The most recent of these two items was the temporary certificate of occupancy on February 23, 2021 for a 2,706-square-foot R-3 building with two residential units at 213 Weirfield Street.
Of those four items, two were loans above $5 million totaling $20.4 million. The most recent of the two was Joel Jacobowitz which borrowed $12.7 million from Arbor Realty Trust secured by the 5,250-square-foot, six-unit rental (C2) on 507 Central Avenue and three other properties on November 10, 2021.

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