Spencer An refinances $80M loan for new 233-unit rental in Bedford Stuyvesant
Spencer An through the entity Spenceran, Inc. as borrower signed a refi loan with an affiliate of the same Spencer An, the entity BG Myrtle Capital LLC, valued at $80 million for the 11-story, 233-unit rental located at 1100 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The building is known as the MC.
The deal closed on July 15, 2024 and was recorded on July 24, 2024. The prior lender was Centennial Bank which held debt that had an original loan amount of $80 million.
The signatory for Spencer An was Edward Suh. The signatory for Spencer An was Specer An.
The block
On the tax block of 1100 Myrtle Avenue, PincusCo has identified the owners of two of the 13 commercial properties representing 317,878 square feet of the 406,778 square feet. The two identified owners are City Urban Realty and Spencer An.
On the tax block, there was one new building construction project filed totaling 195,548 square feet. It is a 233-unit, 195,548 square-foot residential (R-2) building submitted by Shorewood Real Estate Group and filed by Hugo Corvalan with plans filed June 18, 2020 and permitted November 17, 2021.
The majority, or 75 percent of the 406,778 square feet of built space are elevator buildings, with hotel buildings next occupying 10 percent of the space.
The borrower
The PincusCo database currently indicates that Spencer An owned at least 12 commercial properties with 233 residential units in New York City with 369,451 square feet and a city-determined market value of $61.3 million. (Market value is typically about 50% of actual value.) The portfolio has $165.7 million in debt, borrowed from JPMorgan Chase and Centennial Bank. Within the portfolio, the bulk, or 56 percent of the 369,451 square feet of built space are retail properties, with industrial properties next occupying 25 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.
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