Joseph Banda borrows $38M from Valley National Bank for new multifamily property in East Williamsburg

Joseph Banda through the entity 02-17 M & B Realty LLC as borrower signed a loan agreement with lender Valley National Bank valued at $38 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 55 residential units at 199 Montrose Avenue in East Williamsburg. The deal closed on April 23, 2020 and was recorded on May 4, 2020.

The loan package included an $18 million gap loan.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 55 residential (or hotel) units on December 12, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $62,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link