Mehmet Kalkan, David Adelsberg obtain $35M in new debt in $38.6M package from Greystone & Co. in Brooklyn

Mehmet Kalkan, as officer, and David Adelsberg, as borrower signatory, borrowed $38.6M from Greystone & Co. to finance four multifamily properties in Brooklyn in four transactions. The financing packages include a total of $35 million in new debt. Kalkan was listed as officer in NYC Housing Preservation and Development records.

In the first, David Adelsberg through the entity 20-50 Realty, LLC as borrower signed a loan agreement with lender Greystone & Co. (later assigned to Fannie Mae) through the entity Greystone Servicing Company LLC valued at $16.2 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 144 residential units at 20 East 18th Street, 50 East 18th Street in Flatbush. The deal closed on June 12, 2020 and was recorded on June 18, 2020.
The property contains a total of 65,370 square feet of built space.
The average loan per unit is $112,424.
The borrowers took out $35 million in new debt on the four properties, which only had $3.6 million of debt prior to the refinancing. The debt on all four properties was assigned to Fannie Mae. The last debt on this property was $1 million provided by Apple Bank for Savings, but it was paid off in 2014.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $111,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, David Adelsberg through the entity 2300 Realty, LLC as borrower signed a loan agreement with lender Greystone & Co. (later assigned to Fannie Mae) through the entity Greystone Servicing Company LLC valued at $8.0 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 84 residential units at 2300 Ocean Avenue, Ocean Avenue in Sheepshead Bay. The deal closed on June 12, 2020 and was recorded on June 18, 2020.
The property contains a total of 80,000 square feet of built space. The property has 10,711 square feet of available development rights.
The average loan per unit is $94,899.
There has been no debt since 2010.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $504,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Mehmet Kalkan, David Adelsberg borrows $8M from Greystone & Co. to Fannie Mae for property in Bay Ridge{

In the third, David Adelsberg through the entity 364 93rd Street LLC as borrower signed a loan agreement with lender Greystone & Co. (later assigned to Fannie Mae) through the entity Greystone Servicing Company LLC valued at $7.7 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 81 residential units at 364 93rd Street in Bay Ridge. The deal closed on June 12, 2020 and was recorded on June 18, 2020.
The property contains a total of 57,024 square feet of built space.
The average loan per unit is $94,537.
The financing includes a $6.7 million gap loan.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $85,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fourth, David Adelsberg through the entity 3115 Realty LLC as borrower signed a loan agreement with lender Greystone & Co. (later assigned to Fannie Mae) through the entity Greystone Servicing Company LLC valued at $6.8 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 82 residential units at 3115 Brighton 6th Street in Brighton Beach. The deal closed on June 12, 2020 and was recorded on June 18, 2020.
The property contains a total of 86,100 square feet of built space.
The average loan per unit is $82,976.

Over the past five years, there has been one NYC Department of Buildings permit application 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 $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link