Comunilife signs $34.6M construction loan with Webster Bank for 93-unit project in Bedford Stuyvesant

Comunilife through the entity Comunilife Throop Associates LP as borrower signed a new construction loan with lender Webster Bank valued at $34.6 million for the 93-unit project at 171 Throop Avenue in Bedford Stuyvesant, Brooklyn.
There is a 93-unit, 59,191-square-foot R-2 building submitted by Jontef Leora with plans filed May 6, 2020.
The deal closed on November 1, 2022 and was recorded on December 8, 2022.
The signatory for Comunilife was Michael O’Donnell. The signatory for Webster Bank was K. James Dittbrenner. This is for the construction of an eight-story building with 93 units.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The borrower

The PincusCo database currently indicates that Comunilife owned at least two commercial properties in New York City with 140,194 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $71.3 million in debt, borrowed from NYS Housing Finance Agency and JPMorgan Chase. Within the portfolio, the bulk, or 66 percent of the 140,194 square feet of built space are elevator properties, with specialty properties next occupying 34 percent of the space. The bulk, or 66 percent of the built space, is in Bronx, with Brooklyn next at 34 percent of the space.

Direct link to Acris document. link