Moinian ups debt by $53M to $223M at 467-unit rental in Flatbush

The Moinian Group through the entity 123 Linden LLC as borrower signed a refi loan with lender Bank of China valued at $223 million for the 467-unit rental (D6) at 123 Linden Boulevard in Flatbush, Brooklyn.
The deal closed on June 3, 2021 and was recorded on June 17, 2021.
The property has 366,757 square feet of built space and 0 square feet of additional air rights for a total buildable of 110,510 square feet according to PincusCo analysis of city data. The loan price per built square foot is $608 per the PincusCo analysis.
The owner bought the property on 7-Mar-16, for $18.5 million.
The signatory for the Moinian Group was Joseph Moinian.
(321228603)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 467 residential units on November 13, 2019.
Joseph Moinian is the CEO of the Moinian Group. The financing included $53 million in new debt. The loan package replaced $170 million provided by AIG.
The owners according to the Department of Housing Preservation and Development include Kimberly Cafaro, head officer and John Mehmedovic, officer. The business entity is 123 Linden Llc.
Within a 400-foot radius of 123 Linden Boulevard, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, four were for major renovation including a certificate of occupancy change. They were one permit application with a total initial cost of $387,090, two permits with a total initial cost of $2.1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.3 million. The most recent of these four items was the temporary certificate of occupancy on November 5, 2020 for a 6,107-square-foot R-2 building with 15 residential units at 104 Linden Boulevard.
Of those seven items, three were loans above $5 million totaling $172.5 million. The most recent of the three was Israel Frankel which borrowed $13.2 million from Goldman Sachs Bank secured by the 5,865-square-foot, 15-unit rental (C1) on 104 Linden Boulevard and three other properties on June 4, 2021.

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