Maheshchand Ratanji obtains $11M loan for newly built 85-unit property in East Flatbush

Maheshchand Ratanji through the entity Kings Hwy Equities LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $11 million for one parcel at 5264 Kings Highway in East Flatbush. The deal closed on October 8, 2020 and was recorded on November 9, 2020.

This is an acquisition loan that paid off a loan from Charles Scharf and Willy Beer’s TBG Funding. The last time the property sold was May 2, 2018, for $3,400,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 85 residential units on August 26, 2020.
Over the past five years, there have been 2 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 $110,000.There has been one new building permit application totaling 19,338 square feet. Those plans include a total of 85 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link