MDG signs $448.7M rehab construction loan for Williamsburg Houses in Williamsburg

MDG Design + Construction through the entity Partnership Community Housing Development Fund as borrower signed a rehab construction loan with lender NYC Housing Development Corporation valued at $448.7 million for five properties with approximately 1,620 residential units including the 488-unit residential walkup building (C1) at 142 Leonard Street, the 490-unit residential walkup building (C1) at 226 Humboldt Street and the 474-unit residential walkup building (C7) at 202 Graham Avenue in Williamsburg, Brooklyn.
The deal closed on September 25, 2025 and was recorded on October 3, 2025. 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 a PincusCo analysis of city data. The loan price per built square foot is $368 and the price per buildable square foot is $199 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 Matthew Rooney . The loan says this is for the rehabilitation of Williamsburg Houses that has 1,619 residential units plus two supers in 20 buildings, according to the loan documents. The renovation is part of the PACT,Permanent Affordability Commitment Together, program.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 142 Leonard Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Frederick Camerata, head officer and Christina Pimentel, agent. The business entities are Wavecrest Mgmt Group and Williamsburg Houses Mt. Out of the five properties, four with a total of 1,217,221 square feet of built space generated revenue of $26 million per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 54 housing violations and $1,680 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the five buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 142 Leonard Street, PincusCo has identified the owner of the one commercial property that spans that spans 362,480 square feet on the block.The identified owner is MDG Design + Construction.
There are no active new building construction projects on this tax block.

All properties are walkup.

The borrower

The PincusCo database currently indicates that Mdg Design + Construction owned at least 86 commercial properties with 3,366 residential units in New York City with 2,880,278 square feet and a city-determined market value of $199.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 2,880,278 square feet of built space are elevator properties, with walkup properties next occupying 46 percent of the space. The bulk, or 42 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

Direct link to Acris document. link