Horizon Group signs $28.8M refi with Dwight for 66-unit rental in Bushwick

Horizon Group through the entity Horizon At 391 Weirfield LLC as borrower signed a refi loan with lender Dwight Capital through the entity Dwight Capital LLC valued at $28.8 million for the 66-unit residential elevator building (D1) at 393 Weirfield Street in Bushwick, Brooklyn.
The deal closed on May 29, 2025 and was recorded on June 11, 2025. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $25 million.The property has 48,970 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $588 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 owner bought the property on October 30, 2020, for $7 million. The signatory for Horizon Group was David Marom . The signatory for Dwight Capital was Kristin Layden .

Prior sales and revenue

The 48,970-square-foot property generated revenue of $2 million or $41 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 66 residential units in Bushwick has 48,970 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 161 feet and is 200 feet deep with a total lot size of 19,341 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12.1 million. The most recent loan totaled $25 million and was provided by Bank Hapoalim on August 8, 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

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 this tax block, PincusCo has identified the owners of five of the six commercial properties representing 52,570 square feet of the 56,875 square feet. The two identified owners are Horizon Group and Yung Ching Siu.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 56,875 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Horizon Group owned at least 10 commercial properties with 114 residential units in New York City with 151,706 square feet and a city-determined market value of $20.1 million. (Market value is typically about 50% of actual value.) The portfolio has $169.4 million in debt, with top three lenders as Bank Leumi, Valley National Bank, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 54 percent of the 151,706 square feet of built space are elevator properties, with hotel properties next occupying 17 percent of the space. The bulk, or 75 percent of the built space, is in Brooklyn, with Manhattan next at 25 percent of the space.

Direct link to Acris document. link