Kings Capital signs $2.6M refi with Derby Copeland for 6-unit walkup in Bushwick

Kings Capital through the entity 352 Palmetto LLC as borrower signed a refi loan with lender Derby Copeland Capital through the entity Derby RemmCF Holdings 1, LP valued at $2.6 million for the six-unit residential walkup building (C2) at 352 Palmetto Street in Bushwick, Brooklyn.
The deal closed on June 8, 2026 and was recorded on June 10, 2026. The prior lender was Metropolitan Commercial Bank  which held debt that had an original loan amount of $2 million. The property has 4,500 square feet of built space and 1,610 square feet of additional air rights for a total buildable of 6,116 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $577 and the price per buildable square foot is $425 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 owner bought the property on June 27, 2022, for $1.7 million. The signatory for Kings Capital was Jeffrey Znaty. The signatory for Derby Copeland Capital was Jesse Hutcher.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Josh Augenbaum , head officer and Tedroy Franklin, site manager. The business entity is 352 Palmetto, Llc.

The property

The residential walkup building with 6 residential units in Bushwick has 4,500 square feet of built space and 1,610 square feet of additional air rights for a total buildable of 6,116 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,517 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.

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 one DOB violation and two housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 19 commercial properties representing 51,838 square feet of the 85,933 square feet. The largest owner is CW Realty Group , followed by Mahesh Shanker and then Dafna Development Group.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 85,933 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Kings Capital owned at least nine commercial properties with 114 residential units in New York City with 95,010 square feet and a PincusCo-determined asset value of $83 million. The portfolio has $99 million in debt, with top three lenders as Derby Copeland Capital, Webster Bank , and Maxim Credit Group respectively. Within the portfolio, the bulk, or 49 percent of the 95,010 square feet of built space are walkup properties, with elevator properties next occupying 37 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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