Lightstone signs $68M new construction loan with G4 Capital for development in Williamsburg

Lightstone Group through the entity Bedford Avenue Associates LLC as borrower signed a new construction loan with lender G4 Capital Partners through the entity G4 18213, LLC valued at $68 million for the Moxy hotel development at 361 Bedford Avenue in Williamsburg, Brooklyn. The total debt was $77 million, The Real Deal reported earlier this month.
The deal closed on August 4, 2021 and was recorded on August 18, 2021.

The owner bought the property on 17-Jul-19, for $15 million.
The signatory for Lightstone Group was Joseph E. Teichman.
(321193196) Plans for a 216-unit, 64,390 square-foot R-1 were filed on May 12, 2017 and were permitted on February 5, 2021.
Joseph E. Teichman is executive vice president and general counsel at the Lightstone Group.

Within a 400-foot radius of 361 Bedford Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $486,750.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.7 million. The most recent of these two items was the temporary certificate of occupancy on March 9, 2020 for a 7,345-square-foot R-2 building with seven residential units at 376 Bedford Avenue.
One of those seven items was a sale which Joel Rubin bought the 26,902-square-foot, 21-unit rental (D6) on 364 Bedford Avenue for $15.0 million from Israel Perlmutter on July 30, 2021.
Of those seven items, four were loans above $5 million totaling $70.5 million. The most recent of the four was Levon NY CDXIX LLC which borrowed $13.0 million from Joel Rubin secured by the 26,902-square-foot, 21-unit rental (D6) on 364 Bedford Avenue on July 30, 2021.

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