David Katz signs $26M initial loan with Popular Bank for nursing home in Flatbush

David Katz through the entity 135 Linden Blvd LLC as borrower signed an initial loan with lender Popular Bank valued at $26 million for the nursing home (I6) at 135 Linden Boulevard in Flatbush, Brooklyn.
The deal closed on August 9, 2021 and was recorded on August 16, 2021.
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 PincusCo analysis of city data. The loan price per built square foot is $251 and the price per buildable square foot is $141 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 30-Jun-21, for $40 million.
The signatory for David Katz was David Katz.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $16,000.

Within a 400-foot radius of 135 Linden Boulevard, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.3 million. The most recent of these three items was the temporary certificate of occupancy on November 5, 2020 for a 6,107-square-foot R-2 building with 15 residential units at 104 Linden Boulevard.
Of those eight items, five were loans above $5 million totaling $565.5 million. The most recent of the five was Moinian Group which borrowed $223 million from Bank of China secured by the 366,757-square-foot, 469-unit rental (D6) on 123 Linden Boulevard on June 17, 2021.

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