DAX Real Estate signs $11.6M refi with Trevian for industrial in Greenpoint
DAX Real Estate through the entity 30-38 Franklin Owner LLC as borrower signed a refi loan with lender Trevian Capital through the entity Trevian Capital Reit LLC valued at $11.6 million for four industrial properties including the industrial building (F5) at 38 Franklin Street in Greenpoint, Brooklyn, industrial building (F5) at 30 Franklin Street in Greenpoint, Brooklyn, and industrial building (F5) at 36 Franklin Street in Greenpoint, Brooklyn.
The deal closed on January 30, 2026 and was recorded on February 18, 2026. The prior lender was Emerald Creek Capital which held debt that had an original loan amount of $7.1 million.The four properties have 14,393 square feet of built space and 4,438 square feet of additional air rights for a total buildable of 16,010 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $804 and the price per buildable square foot is $722 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 DAX Real Estate was Daniel Hedaya . The signatory for Trevian Capital was Andrew Smeltz .
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 30 Franklin Street.
Prior sales, articles and revenue
The four properties with a total of 14,393 square feet of built space generated revenue of $291,810 per year or $20 per square foot.
The property
The industrial building in Greenpoint has 14,393 square feet of built space and 4,438 square feet of additional air rights for a total buildable of 16,010 square feet according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 225 feet deep with a total lot size of 8,060 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $749,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, $188,750 in ECB penalties, and $189,190 in OATH penalties in the last year.
Development
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 Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 2.9 times the average sales volume among other neighborhoods with $944.8 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Greenpoint has 2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On the tax block of 30 Franklin Street, PincusCo has identified the owners of six of the 13 commercial properties representing 53,097 square feet of the 98,198 square feet. The largest owner is Pearl Realty Management, followed by Dax Real Estate and then Broadway Stages.
There are no active new building construction projects on this tax block.
All properties are industrial.
The borrower
The PincusCo database currently indicates that Dax Real Estate owned at least 16 commercial properties with 58 residential units in New York City with 100,658 square feet and a city-determined market value of $26.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 100,658 square feet of built space are mixed-use properties, with industrial properties next occupying 14 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.
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