Maheshchand Ratanji signs $5.2M construction loan with PCSB Bank in Flatbush

Maheshchand M. Ratanji through the entity Church Ave Capital LLC as borrower signed a new construction loan with lender PCSB Bank valued at $5.2 million for the 44-unit hotel project at 2239 Church Avenue in Flatbush, Brooklyn.
The deal closed on September 10, 2021 and was recorded on October 13, 2021.
(321589651) Plans for a 44-unit, 14,481 square-foot hotel (R-1) were filed on March 30, 2020.
The loan price per buildable square foot is $356 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 May 28, 2019, for $2.5 million.
The signatory for Maheshchand M. Ratanji was Maheshchand M. Ratanji.

Within a 400-foot radius of 2239 Church Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 15, 2020 for the $918,180 renovation of 5,346-square-foot R-2 building with eight residential units at 54 Martense Street.
One of those two items was a loan which Isaac G. Shalom borrowed $6.2 million from Metropolitan Commercial Bank secured by the 30,196-square-foot, eight-unit office building (O5) on 885 Flatbush Avenue on February 10, 2021.

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