Sterling National assigns $9.9M in Bushwick loans to Rialto Capital
Rialto Capital Management through its Rref Iv- D Sn Portfolio, LLC bought a note from Sterling National Bank with an original principal of $6.8 million secured by Lazar Waldman’s eight-unit rental (C1) at 303 Stockholm Street in Bushwick, Brooklyn and eight-unit rental (C1) at 181 Troutman Street in Bushwick, Brooklyn.
The deal closed on June 24, 2021 and was recorded on July 14, 2021.
The two properties have 13,149 square feet of built space and 0 square feet of additional air rights for a total buildable of 12,150 square feet according to PincusCo analysis of city data.
(321420306)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 8 residential units on December 29, 2017. (321420306) Plans for a 8-unit, 5,493 square-foot R-2 were filed on July 18, 2016 and were permitted on January 30, 2017.
The owners according to the Department of Housing Preservation and Development includes Lazer Waldman, head officer and Mendy Deutsch, agent. The business entity is 181 T Holdings Llc.
Within a 400-foot radius of 181 Troutman Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $46.8 million. The most recent of the two was Carlyle Group which borrowed $22 million from Invesco Real Estate secured by the 4,013-square-foot, three-unit three-family building (C0) on 177 Jefferson Street and 10 other properties on January 13, 2021.
Direct link to Acris document. link
In the second loan, Rialto through Rref Iv – D Sn Portfolio, LLC bought a note from Sterling National Bank with an original principal of $3.1 million secured by Lazar Waldman’s eight-unit rental (C1) at 24 Starr Street in Bushwick, Brooklyn.
The deal closed on June 24, 2021 and was recorded on July 14, 2021.
The property has 5,660 square feet of built space and 425 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data.
The owner bought the property on October 3, 2014, for $870,000.
(321018750)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 8 residential units on July 22, 2016.
The owners according to the Department of Housing Preservation and Development includes Lazer Waldman, head officer and Mendy Deutsch, agent. The business entity is 24 Starr Llc.
Within a 400-foot radius of 24 Starr Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which MG Ador Realty Group borrowed $24.8 million from Cantor Commercial Real Estate Lending secured by the 4,500-square-foot, six-unit rental (C2) on 169 Troutman Street and six other properties on November 29, 2019.
Direct link to Acris document. link