Joel Schwartz signs $12.2M refi with BridgeCity Capital for rental in East New York

Joel Schwartz through the entity 777-787 Glenmore Avenue LLC as borrower signed a refi loan with lender BridgeCity Capital through the entity BCC JS5 LLC valued at $12.2 million for the 32-unit rental (D3) at 368 Shepherd Avenue in East New York, Brooklyn.
The deal closed on October 8, 2021 and was recorded on October 22, 2021.
The property has 26,507 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $460 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 February 5, 2018, for $1.3 million.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for BridgeCity Capital was Louis Lebovits.
(321825959) Plans for a 32-unit, 21,596 square-foot R-2 were filed on August 23, 2018 and were permitted on September 21, 2020.
Maxim Credit has a participation interest in this loan through BridgeCity.
Within a 400-foot radius of 368 Shepherd Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
There were two new building permit applications. The most recent of these two items was a filing on January 8, 2021 for a 17,318-square-foot R-2 building with 26 residential units at 341 Shepherd Avenue.

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