Thomas Anderson signs $6.8M refi loan with Stormfield Capital for 46-unit walkup in Bedford Stuyvesant

Thomas Anderson through the entity Alhambra Associates, L.P. as borrower signed a refi loan with lender Stormfield Capital through the entity Stormfield Capital Funding I, LLC valued at $6.8 million for the 46-unit residential walkup building (C7) at 500 Nostrand Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on January 6, 2023 and was recorded on January 20, 2023. The prior lender was Prime Finance which held debt that had an original loan amount of $8 million.The property has 61,380 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $109 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 Thomas Anderson was Thomas Anderson. The signatory for Stormfield Capital was the attorney Joshua Knoll.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Thomas Anderson, head officer and Sunilda De Los Santos, agent. The business entities are Dlss Management, Llc and Alhambra Associates, Lp. The 61,380-square-foot property generated revenue of $918,932 or $15 per square foot, according to the most recent income and expense figures.

The property

The 500 Nostrand Avenue parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Bedford Historic District. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 60 housing violations and $1,200 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 71,348 square feet of the 73,268 square feet. The largest owner is Thomas Anderson, followed by Russell Feder and then Bridge Street Development Corporation.
There are no active new building construction projects on this tax block.

All properties are walkup.

The borrower

The PincusCo database currently indicates that Thomas Anderson owned at least one commercial property in New York City with 61,380 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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