Graph Group signs $15M refi with Popular Bank for nine walkups in Bushwick

Graph Group through the entity 1012 Willoughby LLC as borrower signed a refi loan with lender Popular Bank through the entity Banco Popular De Puerto Rico valued at $15 million for nine residential walkup properties with 54 residential units including the six-unit residential walkup building (C2) at 1012 Willoughby Avenue in Bushwick, Brooklyn, six-unit residential walkup building (C2) at 300 Troutman Street in Bushwick, Brooklyn, and six-unit residential walkup building (C2) at 226 Troutman Street in Bushwick, Brooklyn. These are all former All Year Management building.
The deal closed on October 24, 2025 and was recorded on October 31, 2025. The prior lender was Popular Bank which held debt that had an original loan amount of $19.5 million. The nine properties have 39,038 square feet of built space and 16,773 square feet of additional air rights for a total buildable of 55,814 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $383 and the price per buildable square foot is $267 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 Graph Group was Abraham Kraus . The signatory for Popular Bank was Dean Saltzman .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 226 Troutman Street.

Prior sales and revenue

Out of the nine properties, two with a total of 39,038 square feet of built space generated revenue of $180,275 per year.

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 received 16 housing violations, $7,010 in OATH penalties, and one housing litigation 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 226 Troutman Street, PincusCo has identified the owners of 22 of the 37 commercial properties representing 123,655 square feet of the 194,330 square feet. The largest owner is Lazer Waldman, followed by Graph Group and then Aron Kapelyus.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 194,330 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Graph Group owned at least 80 commercial properties with 629 residential units in New York City with 560,218 square feet and a city-determined market value of $114.8 million. (Market value is typically about 50% of actual value.) The portfolio has $84.8 million in debt, borrowed from Series 2018-SB46 and Esquire Bank. Within the portfolio, the bulk, or 76 percent of the 560,218 square feet of built space are walkup properties, with mixed-use properties next occupying 8 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

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