LIHC Investment Group signs $59.6M loan with Lument for 214-unit rental in Bedford Stuyvesant

LIHC Investment Group through the entity Norgate Development Associates L.P. as borrower signed a refi loan with lender Lument through the entity Lument Real Estate Capital, LLC valued at $59.6 million for the 214-unit residential elevator building (D1) at 390 Nostrand Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on October 29, 2025 and was recorded on December 2, 2025. The property has 218,302 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $273 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 LIHC Investment Group was Charles P. Gendron .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Charles Gendron, head officer and Marci Booth, officer. The business entity is Norgate Development Associates, Lp. The 218,302-square-foot property generated revenue of $4.1 million or $19 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 214 residential units in Bedford Stuyvesant has 218,302 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 225 feet and is 200 feet deep with a total lot size of 41,500 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.1 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 $1,125 in ECB penalties, 19 housing violations, and $2,995 in OATH penalties 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 six of the 10 commercial properties representing 258,995 square feet of the 274,745 square feet. The largest owner is Fbe Limited, followed by Jmp Properties and then Robyn Lucas-Cora.
On the tax block, there was one new building construction project filed totaling 4,990 square feet. It is a seven-unit, 4,990 square-foot residential (R-2) building submitted by Snir David with plans filed August 28, 2017 and permitted September 16, 2025.

The majority, or 79 percent of the 274,745 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Lihc Investment Group owned at least 20 commercial properties with 2,276 residential units in New York City with 2,543,626 square feet and a city-determined market value of $255.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 2,543,626 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. The bulk, or 58 percent of the built space, is in Bronx, with Brooklyn next at 29 percent of the space.

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