Hampshire Properties signs $23M refi with Argentic in Williamsburg
Hampshire Properties through the entity New Driggs Partners LLC as borrower signed a refi loan with lender Argentic Investment Management through the entity Argentic Real Estate Investment 2 LLC valued at $23 million for three properties including the property at 510 Driggs Avenue in Williamsburg, Brooklyn, retail condo at 510 Driggs Avenue in Williamsburg, Brooklyn, and retail condo at 510 Driggs Avenue in Williamsburg, Brooklyn.
The deal closed on April 3, 2025 and was recorded on April 11, 2025. The prior lender was Brookfield Properties which held debt that had an original loan amount of $37.8 million.The three properties have 44,927 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $511 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 Hampshire Properties was Tomas Rosenthal . The signatory for Argentic Investment Management was Ryan Supple .
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 510 Driggs Avenue.
The property
The retail condo in Williamsburg has 44,927 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 16,734 square feet. The city-designated market value for the property in 2022 is $5.2 million. The most recent loan totaled $37.8 million and was provided by Valley National Bank on January 31, 2023.
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. On the tax lot, the most recent condominium plan was filed by DRIGGS PARTNERS LLC to create 44 residential units and 2 commercial units in a building at 510 Driggs Avenue in Williamsburg, Brooklyn, called 510 Driggs Avenue Condominium that has a $126.8 million sellout, according to an February 18, 2020 submission to the New York State Attorney General. The principal of the sponsor, DRIGGS PARTNERS LLC, was Robert Rosenthal.
The neighborhood
In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg has 2.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On the tax block of 510 Driggs Avenue, PincusCo has identified the owners of four of the 12 commercial properties representing 171,312 square feet of the 216,202 square feet. The largest owner is Hampshire Properties, followed by Hershel Silberstein and then Great Point Properties.
On the tax block, there was one new building construction project filed totaling 5,489 square feet. It is a five-unit, 5,489 square-foot residential (R-2) building submitted by Abel Park and filed by Abel Park with plans filed November 12, 2024 and it has not been permitted yet.
The majority, or 73 percent of the 216,202 square feet of built space are elevator buildings, with walkup buildings next occupying 14 percent of the space.
The borrower
The PincusCo database currently indicates that Hampshire Properties owned at least three commercial properties with 156 residential units in New York City with 147,465 square feet and a city-determined market value of $14.5 million. (Market value is typically about 50% of actual value.) The portfolio has $146.7 million in debt, with top three lenders as Bank Leumi, MF1 Capital, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 100 percent of the 147,465 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.
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