Dell’s Maraschino Cherries signs $7.5M refi with AuguStar for industrial in Red Hook

Dell’s Maraschino Cherries through the entity DMC Dikeman Ferris, LLC as borrower signed a refi loan with lender AuguStar Financial through the entity AuguStar Life Insurance Company valued at $7.5 million for four industrial properties including the industrial building (E1) at 81 Ferris Street in Red Hook, Brooklyn, industrial building (E1) at 173 Dikeman Street in Red Hook, Brooklyn, and industrial building (F4) at 175 Dikeman Street in Red Hook, Brooklyn.
The deal closed on February 27, 2026 and was recorded on March 30, 2026. The prior lender was Citizens Bank which held debt that had an original loan amount of $3 million. The four properties have 31,740 square feet of built space and 990 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $236 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 Dell’s Maraschino Cherries was Dana Mondella Bentz and Dominique Mondella Bidetti .

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 81 Ferris Street.

Prior sales, articles and revenue

Out of the four properties, one with a total of 31,740 square feet of built space generated revenue of $150,920 per year.

The property

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 $2.1 million.

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 $300 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 Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $355.2 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block of 81 Ferris Street, PincusCo has identified the owners of one of the 13 commercial properties representing 6,000 square feet of the 56,665 square feet. The identified owner is John R. Preston.
On the tax block, there was one new building construction project filed totaling 3,591 square feet. It is a one-unit, 3,591 square-foot residential (R-3) building submitted by Jeremy Armstrong with plans filed July 17, 2020 and it has not been permitted yet.

The majority, or 100 percent of the 56,665 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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