Ranco Capital signs $16.5M construction loan with Parke Bank for 50-unit project in Midwood

Ranco Capital through the entity 2045 Ocean Ave LLC as borrower signed a new construction loan with lender Parke Bank through the entity Parke Bank valued at $16.5 million for the 50-unit development at 2045 Ocean Avenue in Midwood, Brooklyn.
The deal closed on October 26, 2021 and was recorded on November 10, 2021.
(321596625) Plans for a 50-unit, 33,913 square-foot R-2 were filed on December 30, 2019 and were permitted on September 15, 2021.
The loan price per building square foot is $486 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 October 4, 2019, for $2.3 million.
The signatory for Ranco Capital was Joseph Banda.

Within a 400-foot radius of 2045 Ocean Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $23.6 million. The most recent of the three was Giovanni DeMaggio which borrowed $5.6 million from TD Bank secured by the 78,840-square-foot, 63-unit rental (D7) on 1695 East 21st Street on May 5, 2021.

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