KKR borrows $32.9M from Berkeley/Newmark to buy two Brooklyn rentals

Kohlberg Kravis Roberts & Co. borrowed $32.9 million from Berkeley Point Capital doing business as Newmark Knight Frank to purchase two rental buildings in Brooklyn with a total of 105 units in two separate transactions. This follows another loan recorded the day before for $17 million.

In the first transaction recorded Friday, Kohlberg Kravis Roberts & Co. through the entity KRE Bklyner 10 Lexington LLC as borrower signed a loan agreement with lender Berkeley Point Capital dba Newmark Knight Frank through the entity Berkeley Point Capital LLC valued at $26.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 81 residential units at 10 Lexington Avenue in Clinton Hill. The deal closed on October 9, 2020 and was recorded on October 23, 2020.
The property contains a total of 55,341 square feet of built space. The property has 59,178 square feet of available development rights.
The average loan per unit is $323,704.
This is an acquisition loan, and it was then assigned to Freddie Mac.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 81 residential units on October 7, 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 was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.There has been one new building permit application totaling 55,341 square feet. Those plans include a total of 81 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Heidi Rua

In the second transaction recorded Friday, Kohlberg Kravis Roberts & Co. through the entity KRE Bklyner 23 Menahan LLC as borrower signed a loan agreement with lender Berkeley Point Capital dba Newmark Knight Frank through the entity Berkeley Point Capital LLC valued at $6.7 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 24 residential units at 17 Menahan Street in Bushwick. The deal closed on October 9, 2020 and was recorded on October 23, 2020.
The property contains a total of 20,000 square feet of built space.
The average loan per unit is $279,583.
This was an acquisition loan. The last time the property sold was January 7, 2016, for $4,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 24 residential (or hotel) units on February 11, 2019.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,259,250. Those filings sought to increase the number of residential units by 24 to 24 There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $530,400. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link