FBE Limited signs $94.5M refi with Signature Bank for four buildings in Crown Heights

FBE Limited through the entity Bedford Joint Venture LLC as borrower signed a refi loan with lender Signature Bank valued at $94.5 million for four buildings including the 186-unit property at 409 Eastern Parkway in Crown Heights, Brooklyn, property at 409 Eastern Parkway in Crown Heights, Brooklyn, and property at 409 Eastern Parkway in Crown Heights, Brooklyn.
The deal closed on December 30, 2021 and was recorded on January 19, 2022. The prior lender was which held debt that had an original loan amount of $105 million.
The four properties have 197,395 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $478 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 FBE Limited was Yehoshua Leib Fruchthandler. The signatory for Signature Bank was Paul Kotronis.
(320622787)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 186 residential units on June 30, 2020.
Yehoshua Leib Fruchthandler is a manger at FBE Limited.

Within a 400-foot radius of 409 Eastern Parkway, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 22, 2021 for the $505,000 renovation of 7,800-square-foot A-3 building with N/A residential units at 447 Eastern Parkway.
Of those three items, two were loans above $5 million totaling $26.1 million. The most recent of the two was Pinnacle Group which borrowed $15.5 million from Axos Bank secured by 33 condo units in the 762-square-foot, 45-unit condo (R4) on 382 Eastern Parkway and 80 other properties on May 5, 2021.

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