SBCO signs $26.8M refi loan with Lument for 3 rentals in Kensington, Borough Park
Southern Brooklyn Community Organization through the entity Tri-Senior Housing Associates, L.P. as borrower signed a refi loan with lender Lument through the entity Lument Real Estate Capital, LLC valued at $26.8 million for three properties with 161 residential units including the 90-unit residential elevator building (D1) at 680 Ocean Parkway in Kensington, Brooklyn, 31-unit residential walkup building (C1) at 1006 44th Street in Borough Park, Brooklyn, and 40-unit residential elevator building (D1) at 1017 44th Street in Borough Park, Brooklyn.
The deal closed on April 17, 2025 and was recorded on April 22, 2025. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $15.2 million.The three properties have 120,000 square feet of built space and 1,540 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $223 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 signatory for Southern Brooklyn Community Organization was Avrohom Jaffe.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 680 Ocean Parkway.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Avrohom Jaffe, head officer and David Singer, officer. The business entities are B.P.Hand Inc and Tri-Senior Housing Assoc Lp. The three properties with a total of 120,000 square feet of built space generated revenue of $3.1 million per year or $26 per square foot.
The property
The residential elevator building with 90 residential units in Kensington has 120,000 square feet of built space and 1,540 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 114 feet deep with a total lot size of 15,400 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.6 million.
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 received one DOB violation, 18 housing violations, and $890 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 680 Ocean Parkway, PincusCo has identified the owners of two of the six commercial properties representing 132,100 square feet of the 202,644 square feet. The two identified owners are Adapt Community Network and Meridian Properties.
On the tax block, there were two new building construction projects totaling 9,016 square feet. The largest is a one-unit, 5,164 square-foot residential (R-3) building submitted by Y. Graber with plans filed May 1, 2023 and permitted January 22, 2024. The second largest is a one-unit, 3,852 square-foot residential (R-3) building submitted by Kenneth Pratt with plans filed December 19, 2012 and permitted December 16, 2015.
The majority, or 50 percent of the 202,644 square feet of built space are elevator buildings, with specialty buildings next occupying 49 percent of the space.
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