Kaled Management signs $21.1M loan with PNC Bank for rental in Flatbush

Kaled Management through the entity Church 2415 Realty LLC as borrower signed a loan with lender PNC Bank valued at $21.1 million for the 68-unit rental (D3) at 2415 Church Avenue in Flatbush, Brooklyn.
The deal closed on October 13, 2021 and was recorded on October 25, 2021.
The property has 53,877 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $392 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Kaled was Edward Kalikow.
(320623349)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 68 residential units on August 31, 2020. (320623349) Plans for a 68-unit, 48,770 square-foot R-2 were filed on February 18, 2015 and were permitted on June 9, 2017.

Within a 400-foot radius of 2415 Church Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit applications with a total initial cost of $387,090 and one permit with a total initial cost of $800,123. The most recent of these two items was the filing on September 1, 2020 for a 8,602-square-foot R-2 building with 13 residential units at 125 Martense Street.

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