Starwood buys $39.5M note from Ladder secured by Mendel Roth property in Bedford-Stuyvesant

UPDATED: Starwood Capital bought a note with an original principal of $39.5 million from Ladder Capital secured by Mendel Roth property in Bedford-Stuyvesant. A source said the loan is to be securitized.

Starwood Capital Group through the entity Starwood Mortgage Capital, LLC acquired the $39.5 million loan from Ladder Capital Finance IX LLC for 3 parcels, including the tax class miscellaneous amusement or recreation including riding academies and stables (P9) and containing 86 residential units at 7 Skillman Street, 5 Skillman Street, and 742 Bedford Avenue in Bedford-Stuyvesant. The deal closed on January 28, 2021 and was recorded on March 22, 2021.
The property has 106,787 square feet of built space and available development rights.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link

UPDATED: With source telling PincusCo that the Starwood is to securitize the loan.