Edge Developers signs $15.5M construction loan with S3 Capital for 53-unit development in East Flatbush

Edge Developers through the entity The Edge Developers LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 RE Funding III LLC valued at $15.5 million for the 53-unit development at 2001 Nostrand Avenue in East Flatbush, Brooklyn.
The deal closed on February 14, 2022 and was recorded on February 25, 2022.
(321750164) Plans for a 53-unit, 38,862 square-foot R-2 were filed on May 1, 2018.

The owner bought the property on September 18, 2017, for $2.2 million.
The signatory for Edge Developers was Mark Weinberger.

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other development buildings in the past 12 months.
On the tax block, the majority, or 63 percent of the 143,291 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 19 percent of the space.
Within a 400-foot radius of 2001 Nostrand Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Yevgeniy Stepankovskiy borrowed $6 million from TD Bank secured by the 22,958-square-foot, three-unit office building (O7) on 3007 Farragut Road on September 14, 2021.

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