MDG Design + Construction signs $472.8M rehab loan in Williamsburg

MDG Design + Construction through the entity Partnership Community Housing Dev. Fund Co., Inc. as borrower signed a rehab construction loan with lender NYC Housing Development Corporation valued at $472.8 million for five properties including the 488-unit residential walkup building at 142 Leonard Street in Williamsburg, Brooklyn, 490-unit residential walkup building at 226 Humboldt Street in Williamsburg, Brooklyn, and 474-unit residential walkup building at 202 Graham Avenue in Williamsburg, Brooklyn.
The deal closed on December 28, 2021 and was recorded on January 19, 2022.
The five properties have 1,217,221 square feet of built space and 1,049,699 square feet of additional air rights for a total buildable of 2,247,847 square feet according to PincusCo analysis of city data. The loan price per built square foot is $388 and the price per buildable square foot is $210 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 MDG Design + Construction was Glenn Friedman.
Out of the five properties, four with a total of 1,217,221 square feet of built space generated revenue of $19.2 million per year.

Real Estate Weekly reports this loan is for the comprehensive renovation of 5,226 apartments across six New York City Housing Authority campuses.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were eight pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, all properties are residential walkup.
The owners according to the Department of Housing Preservation and Development includes Richard Barnhart, head officer and Michael Prush, officer. The business entities are C&C Apartment Management Llc and Quincy Greene Associates Lp.

Direct link to Acris document. link