Joseph Zafarani refinances $24.7M with RGA Reinsurance for retail in Bronx, Brooklyn

Because of the Covid-19 pandemic, Joseph Zafarani refinanced $24.7 million with RGA Reinsurance for retail in Bronx and Brooklyn in two separate transactions. The property owner requested a modification of the loan, which the lender gave.

In the larger of the two deals, Joseph Zafarani through the entity B.A. Kole, LLC as borrower signed a loan agreement with lender RGA Reinsurance Company valued at $14.7 million for 1 parcel, including the tax class two-story or store and office (K2) at 271 East Fordham Road in Fordham. The deal closed on May 1, 2020 and was recorded on June 15, 2020.
The property contains a total of 16,056 square feet of built space.
The average loan per buildable square foot is $659.
It added $262,609 in accrued and unpaid interest to the total debt. Zafarini refinanced the property in August 2019.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $983,205.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second loan, Joseph Zafarani through the entity BPY Capital LLC as borrower signed a loan agreement with lender RGA Reinsurance Company valued at $9.6 million for 1 parcel, including the tax class retail building with apartments above (K4) at 340 4th Avenue in Gowanus. The deal closed on May 1, 2020 and was recorded on June 15, 2020.
The property contains a total of 20,580 square feet of built space.
The average loan per buildable square foot is $468.
Zafarini added $89,306 to the debt because of Covid-19. The debt was recently refinanced in December 2019.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on January 12, 2016.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $509,150.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link