Debt upped to $25M from Welltower for land in Bedford-Stuyvesant

Developers Marvin Rubin and Joel Landau through the entity NNRC Properties LLC as borrower were affiliated with a loan agreement with lender Welltower, Inc. valued at $25 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 270 Nostrand Avenue in Bedford-Stuyvesant. The deal closed on March 2, 2021 and was recorded on March 12, 2021.

Marvin Rubin and Joel Landau have been signatories for the owner entity on prior loans and zoning documents. The borrower obtained another $5 million in a gap loan. The signatory for the borrower was attorney Jeffrey Zwick. The last time the property sold was June 30, 2015 for $15,600,000.
Direct link to Acris document. link