Joel Schwartz signs $40M refi loan with Pacific Private for dev site in Bed Stuy

Joel Schwartz through the entity Broadway 1884 LLC as borrower signed a refi loan with lender Pacific Private Money through the entity Pacific Private Money Inc. valued at $40 million for the development building at 1884 Broadway in Bed Stuy, Brooklyn.
The deal closed on February 4, 2022 and was recorded on February 23, 2022. The prior lender was Webster Bank which held debt that had an original loan amount of $24.5 million.
(321941182) Plans for a 66-unit, 63,644 square-foot R-2 were filed on October 8, 2019 and were permitted on May 5, 2021.

The owner bought the property on February 5, 2020, for $8 million.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for Pacific Private Money was Mark Hanf.
This is the third loan Schwartz has executed of $5 million and up with Pacific Private Money. The lender has not provided any loans of $5 million and up to any other New York City borrower since at least July 2019. Mark Hanf is CEO of Pacific Private.
In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
On the tax block, the majority, or 42 percent of the 134,858 square feet of built space are residential walkup buildings, with specialty buildings next occupying 31 percent of the space.

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