Joel Schwartz signs $23M refi with BridgeCity Capital for 33-unit project in Greenpoint

Joel Schwartz through the entity 411-417 Meeker LLC as borrower signed a refi loan with lender BridgeCity Capital through the entity BridgeCity Hilltop LLC valued at $23 million for the development building at 417 Meeker Avenue in Greenpoint, Brooklyn.
(321995917) Plans for a 33-unit, 22,270 square-foot R-2 were filed on October 7, 2019 and were permitted on June 3, 2021.
The deal closed on January 11, 2022 and was recorded on January 28, 2022. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $14.8 million.

The owner bought the property on June 26, 2019, for $7.5 million.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for BridgeCity Capital was Louis Lebowitz.

In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
On the tax block, the majority, or 31 percent of the 57,293 square feet of built space are residential walkup buildings, with industrial buildings next occupying 22 percent of the space.

Within a 400-foot radius of 417 Meeker Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 20, 2020 for the $1.4 million renovation of 7,919-square-foot R-2 building with 10 residential units at 391 Meeker Avenue.
One of those seven items was a sale which Sidharth Lakhani bought the 19,674-square-foot, 27-unit rental (D3) on 137 Bayard Street for $17.8 million from Solomon Feder on January 13, 2022.
Of those seven items, five were loans above $5 million totaling $58.1 million. The most recent of the five was Sidharth Lakhani which borrowed $13 million from Kearny Bank secured by the 19,674-square-foot, 27-unit rental (D3) on 137 Bayard Street on January 13, 2022.

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