Gilad Tamir signs $13.2M refi loan with Trevian Capital for new 25-unit building in Greenpoint

Gilad Tamir and Raymond Michael Gallagher through the entity Galcon Developments LLC as borrower signed a refi loan with lender Trevian Capital through the entity TC Cf I LLC valued at $13.2 million for a new 25-unit building at 540 Graham Avenue in Greenpoint, Brooklyn.

There is a new building project for a 25-unit, 18,042 square-foot R-2 building submitted by Gilad Tamir with plans filed May 27, 2021 and permitted February 11, 2022.

The deal closed on December 28, 2023 and was recorded on January 26, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $10.9 million.
The owner bought the property on March 5, 2021, for $4.9 million. The signatory for Gilad Tamir and Raymond Michael Gallagher was Gilad Tamir. The signatory for Trevian Capital Holdings was Michael Hoffenberg.

The property

The parcel has frontage of 42 feet and is 101 feet deep with a total lot size of 4,784 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $666,000. The most recent loan totaled $10.1 million and was provided by S3 Capital on January 24, 2022.

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 not received any significant violations in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 22,678 square feet.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 1.9 times the average sales volume among other neighborhoods with $581.1 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Greenpoint has 2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 19 commercial properties representing 55,974 square feet of the 72,794 square feet. The largest owner is Wojciech Czaplicki, followed by Raymond Michael Gallagher and then Mark Jasinski.
On the tax block, there were five new building construction projects totaling 36,249 square feet. The largest is a 25-unit, 18,042 square-foot residential (R-2) building submitted by Gilad Tamir with plans filed May 27, 2021 and permitted February 11, 2022. The second largest is a seven-unit, 4,636 square-foot residential (R-2) building submitted by Frederick Rufrano with plans filed November 20, 2017 and it has not been permitted yet.

The majority, or 80 percent of the 72,794 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Raymond Michael Gallagher owned at least two commercial properties in New York City with 0.0 square feet and a city-determined market value of $666,000. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are G7 properties, with industrial properties next occupying 0 percent of the space.
The PincusCo database currently indicates that Gilad Tamir owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $288,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single V1 property.

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