Joyland Group signs $31.5M construction loan with Cross River Bank for in Williamsburg

Joyland Group through the entity Lorimer Corner Broadway LLC as borrower signed a construction loan with lender Cross River Bank valued at $31.5 million for the property at 271 Lorimer Street in Williamsburg, Brooklyn.
The deal closed on March 30, 2023 and was recorded on April 3, 2023. The signatory for Joyland Group was Judy Minster.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,500 in ECB penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 52,648 square feet of the 52,648 square feet. The two identified owners are Jacob Fulop and Meral Property Group.
On the tax block, there were four new building construction projects totaling 1,079,954 square feet. The largest is a 551-unit, 296,367 square-foot residential (R-2) building submitted by The Collective and filed by Simon Koster with plans filed June 27, 2019 and permitted June 3, 2022. The second largest is a 551-unit, 296,367 square-foot residential (R-2) building submitted by Loketch Group, Joyland Group and Meral Property Group and filed by Simon Koster with plans filed June 27, 2019 and permitted June 3, 2022.

The majority, or 100 percent of the 52,648 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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