Riverside Developers USA signs $47M construction loan with UK bank for Bed Stuy projects

Riverside Developers USA through the entity Lot 15 LLC as borrower signed a new construction loan with lender OakNorth Bank valued at $47 million for three properties at 28 Skillman Street, 41 Franklin Avenue, and at 32 Skillman Street in Bedford Stuyvesant, Brooklyn.
The deal closed on June 30, 2025 and was recorded on July 16, 2025. The prior lender was OakNorth Bank which held debt that had an original loan amount of $9.1 million.
The signatory for Riverside Developers USA was Zelig Weiss . The signatory for OakNorth Bank was Lowell Bacchus.

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 not received any significant violations in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 196,704 square feet. The largest, B00704929, is a new building project for a 83-unit, 115,580 square-foot R-2 building submitted by Zelig Weiss with plans filed March 24, 2022 and permitted June 7, 2022. The second largest, B01139625, is a new building project for a 47-unit, 42,219 square-foot R-2 building submitted by Riverside Developers USA and filed by Zelig Weiss with plans filed November 16, 2024 and it has not been permitted yet.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 28 Skillman Street, PincusCo has identified the owners of five of the 10 commercial properties representing 94,600 square feet of the 111,080 square feet. The largest owner is Malchus B’Chesed, followed by Zelig Weiss and then Joel Teitelbaum.
On the tax block, there were three new building construction projects totaling 196,704 square feet. The largest is a 83-unit, 115,580 square-foot residential (R-2) building submitted by Zelig Weiss with plans filed March 24, 2022 and permitted June 7, 2022. The second largest is a 47-unit, 42,219 square-foot residential (R-2) building submitted by Riverside Developers USA and filed by Zelig Weiss with plans filed November 16, 2024 and it has not been permitted yet.

The majority, or 77 percent of the 111,080 square feet of built space are office buildings, with industrial buildings next occupying 18 percent of the space.

Direct link to Acris document. link