Guardian Realty signs $10M refi with Webster Bank for medical building in Borough Park
Chaim Simkowitz’s Guardian Realty through the entity 3710 13 LLC as borrower signed a refi loan with lender Webster Bank valued at $10 million for two commercial condominium units at 3710 13th Avenue in Borough Park, Brooklyn. The property is Ezra Medical Center.
The deal closed on March 30, 2023 and was recorded on April 21, 2023.
The signatory for Guardian Realty was Chaim Simkowitz. The signatory for Webster Bank was Matthew Solomon.
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.
The block
On the tax block of 3710 13th Avenue, PincusCo has identified the owners of three of the 17 commercial properties representing 208,693 square feet of the 275,008 square feet. The largest owner is Yeled V’Yalda Early Childhood Center Inc., followed by Guardian Realty and then Congregation & Yeshiva Machzikei Hadas.
On the tax block, there were two new building construction projects totaling 23,141 square feet. The largest is a 17,999 square-foot business (B) building submitted by Friedman David with plans filed February 2, 2018 and permitted May 6, 2020. The second largest is a five-unit, 5,142 square-foot residential (R-2) building submitted by Zvi Ortner with plans filed November 14, 2017 and it has not been permitted yet.
The majority, or 69 percent of the 275,008 square feet of built space are specialty buildings, with industrial buildings next occupying 15 percent of the space.
The borrower
The PincusCo database currently indicates that Guardian Realty owned at least one commercial property in New York City with 17,999 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Sterling National Bank. The portfolio consists of at least a single office property. It is located in Brooklyn.
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