GDC Properties signs $12.5M refi with Webster Bank for mixed-use in Williamsburg

GDC Properties through the entity Peregrine Funding, LLC as borrower signed a refi loan with lender Webster Bank valued at $12.5 million for the retail and residential building at 625 Driggs Avenue in Williamsburg, Brooklyn.
The deal closed on March 27, 2024 and was recorded on April 23, 2024. The prior lender was KeyBank which held debt that had an original loan amount of $11.5 million.
The signatory for GDC Properties was William Ingraham. The signatory for Webster Bank was John Vitale. The 21,202-square-foot, six-story building is divided into six condominium units, including two residential units, two retail units and two parking units.

The property

PincusCo cannot determine the lot area of the 625 Driggs Avenue parcel at this time. The most recent loan totaled $11.5 million and was provided by KeyBank on September 16, 2022.

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 not received any significant violations 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 the tax block of 625 Driggs Avenue, PincusCo has identified the owners of one of the five commercial properties representing 5,650 square feet of the 30,135 square feet. The identified owner is Mendel Fleischman.
On the tax block, there was one new building construction project filed totaling 17,985 square feet. It is a 19-unit, 17,985 square-foot residential (R-2) building submitted by Benjamin Stokes with plans filed May 24, 2017 and permitted June 1, 2018.

The majority, or 60 percent of the 30,135 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Gdc Properties owned at least 42 commercial properties with 329 residential units in New York City with 441,958 square feet and a city-determined market value of $168.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 441,958 square feet of built space are elevator properties, with B1 properties next occupying 32 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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