Derby Copeland Capital signs $18.8M refi with BOM for 35-unit rental in Greenwich Village

Derby Copeland Capital through the entity Derby General 82, LLC as borrower signed a refi loan with lender Bank of Montreal, also known as BOM, valued at $18.8 million for the 35-unit residential elevator building (D3) at 82 West Washington Place in Greenwich Village, Manhattan.
The deal closed on November 6, 2025 and was recorded on November 17, 2025. The prior lender was Derby Copeland Capital and Fortress Investment Group which held debt that had an original loan amount of $12.5 million.The property has 27,108 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $691 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 April 2, 2024, for $15 million. The signatory for Derby Copeland Capital was Jesse Hutcher . The signatory for Bank of Montreal was Michael Birajiclian .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jesse Hutcher, head officer and Brandon Corcione, agent. The business entity is Derby General 82, Llc. The 27,108-square-foot property generated revenue of $1.5 million or $54 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 35 residential units in Greenwich Village has 27,108 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 96 feet deep with a total lot size of 6,320 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $6.5 million. The property has 6 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two housing violations and $125 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 block

On this tax block, PincusCo has identified the owners of 10 of the 22 commercial properties representing 488,903 square feet of the 564,301 square feet. The largest owner is New York University, followed by Yi Keung Lam and then Derby Copeland Capital.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 564,301 square feet of built space are hotel buildings, with walkup buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Derby Copeland Capital owned at least 12 commercial properties with 262 residential units in New York City with 202,945 square feet and a city-determined market value of $69 million. (Market value is typically about 50% of actual value.) The portfolio has $205.7 million in debt, with top three lenders as Derby Copeland Capital, MF1 Capital, and Acore Capital respectively. Within the portfolio, the bulk, or 53 percent of the 202,945 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 95 percent of the built space, is in Manhattan, with Brooklyn next at 5 percent of the space.

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