JEMB Realty signs $186.5M refi for 375-unit rental in Windsor Terrace

JEMB Realty through the entity 312 Coney Island Avenue LLC as borrower signed a refi loan with lender Deutsche Bank valued at $186.5 million for the 375-unit residential elevator building (D7) at 11 Ocean Parkway in Windsor Terrace, Brooklyn.
The deal closed on May 7, 2026 and was recorded on May 15, 2026. The prior lender was Wells Fargo which held debt that had an original loan amount of $149 million. The property has 393,092 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $474 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 JEMB Realty was Morris Jerome . The signatory for Deutsche Bank was Peter Castro and David Goodman .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Dennis Rauchet, head officer and Sebastian Fileccia, site manager. The business entities are Rose Property Mgmt Grp Llc and 312 Coney Island Avenue Llc. The 393,092-square-foot property generated revenue of $18.4 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 375 residential units in Windsor Terrace has 393,092 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 217 feet deep with a total lot size of 46,538 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $55.7 million. Deutsche Bank on May 7, 2026 bought a loan with an original principal of $149.0M from Wells Fargo signed by John O’Loughlin , secured by 11 Ocean Parkway, when owned by JEMB Realty . The property has 299 rent regulated units according to city tax records from 2024.

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 received one housing litigation in the last year.

Development

On the lot, there was a new building construction project, B00520132, for a 375-unit, 308,136 square-foot residential (R-2) building. The project was submitted by JEMB Realty and filed by Morris Jerome with plans filed September 16, 2021 and permitted January 4, 2024.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 172,356 square feet of the 257,136 square feet. The largest owner is Carlyle Group, followed by Canam Capital Partners and then Aview Equities.
On the tax block, there were two new building construction projects totaling 420,735 square feet. The largest is a 375-unit, 308,136 square-foot residential (R-2) building submitted by JEMB Realty and filed by Morris Jerome with plans filed September 16, 2021 and permitted January 4, 2024. The second largest is a 131-unit, 112,599 square-foot residential (R-2) building submitted by Aview Equities and filed by Abraham Leifer with plans filed May 18, 2021 and permitted April 15, 2022.

The majority, or 66 percent of the 257,136 square feet of built space are industrial buildings, with specialty buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that JEMB Realty owned at least eight commercial properties with 1,065 residential units in New York City with 2,461,885 square feet and a PincusCo-determined asset value of $1.5 billion. Within the portfolio, the bulk, or 54 percent of the 2,461,885 square feet of built space are office properties, with condo properties next occupying 34 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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