Joel Schwartz signs $12.8M refi with Jovia Financial for 27-unit project in Bushwick

Joel Schwartz through the entity 58 Palmetto Brooklyn LLC as borrower signed a refi loan with lender Jovia Financial through the entity Jovia Financial Federal Credit Union valued at $12.8 million for the 27-unit rental (D1) at 58 Palmetto Street in Bushwick, Brooklyn.
The deal closed on December 16, 2021 and was recorded on January 5, 2022.
The property has 20,835 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $614 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 March 15, 2019, for $4.2 million.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for Jovia Financial was Howard Shim.
(321830088)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 27 residential units on April 7, 2021. (321830088) Plans for a 27-unit, 18,493 square-foot R-2 were filed on August 28, 2018 and were permitted on October 28, 2019.
Within a 400-foot radius of 58 Palmetto Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Shahla Tashkhisi borrowed $8.1 million from Popular Bank secured by the two-unit two-family building (B2) on 1178 Gates Avenue and two other properties on February 26, 2020.

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