Chaim Wurzberger signs $11.1M refi loan with JLL for 26-unit development in Flatbush

Chaim Wurzberger through the entity 2512 Bedford Holdings LLC as borrower signed a refi loan with lender JLL Real Estate Capital valued at $11.1 million for the 26-unit development at 2512 Bedford Avenue in Flatbush, Brooklyn.
The deal closed on December 16, 2021 and was recorded on December 28, 2021.
(322064939) Plans for a 26-unit, 17,993 square-foot R-2 were filed on April 18, 2019 and were permitted on October 30, 2020.

The property has a total buildable of 18,000 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $616 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 September 9, 2019, for $2.4 million.
The signatory for Chaim Wurzberger was Chaim Wurzberger. The signatory for JLL Real Estate Capital was Teresa Goerish.

Within a 400-foot radius of 2512 Bedford Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were in new building development. There were one new building permit application and two new building permits. The most recent of these three items was a permit on January 22, 2021 for a 11,907-square-foot R-2 building with 15 residential units at 2316 Clarendon Road.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 22, 2021 for the $250,000 renovation of 5,422-square-foot R-2 building with nine residential units at 2553 Bedford Avenue.
Of those eight items, four were loans above $5 million totaling $25.2 million. The most recent of the four was SNB Management Group which borrowed $6.4 million from Popular Bank secured by the 0-square-foot development site (V0) on 2484 Bedford Avenue on April 23, 2021.

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