RXR signs $158M construction loan with Otera for new dev in Fort Greene

RXR Realty through the entity Rxr 91 Dekalb Owner LLC as borrower signed a new construction loan with lender Otera Capital through the entity Otera Capital Investissements XIV Inc. valued at $158 million for the property at 91 Deklab Avenue in Fort Greene, Brooklyn.
On the tax block, there was one new building construction project filed totaling 288,849 square feet. It is a 275-unit, 288,849 square-foot residential (R-2) building submitted by RXR Realty and filed by Todd Rechler with plans filed February 4, 2022 and permitted February 8, 2024.
The deal closed on October 17, 2024 and was recorded on November 15, 2024.
The signatory for RXR Realty was Jason Barnett. The signatory for Otera Capital was Richard Lortie and Andree Roy.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations and $55,030 in ECB penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 155,000 square feet of the 877,990 square feet. The identified owner is Dasny.

The majority, or 84 percent of the 877,990 square feet of built space are specialty buildings, with industrial buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that RXR Realty owned at least 21 commercial properties with 676 residential units in New York City with 9,282,177 square feet and a city-determined market value of $3.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 9,282,177 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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