Renaissance Realty borrows $30M from Israel Discount Bank for 48-units in Bed-Stuy

Renaissance Realty Group through the entity Bedford & Gates Realty Associates LLC as borrower signed a loan agreement with lender Israel Discount Bank Of New York valued at $30 million for 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 48 residential units at 1097 Bedford Avenue, 331 Gates Avenue in Bedford-Stuyvesant. The deal closed on September 4, 2020 and was recorded on October 8, 2020.
The property contains a total of 46,562 square feet of built space. The property has 52,562 square feet of available development rights.
The average loan per unit is $500,000.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 48 residential units on May 28, 2020.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 40,564 square feet. Those plans include a total of 48 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link