Watermark Capital Group signs $5M refi with Peapack for 8-unit walkup in Crown Heights

Watermark Capital Group through the entity 980 Bergen LLC as borrower signed a refi loan with lender Peapack Private Bank & Trust valued at $5 million for the eight-unit residential walkup building (C1) at 980 Bergen Street in Crown Heights, Brooklyn.
The deal closed on November 26, 2025 and was recorded on December 11, 2025. The prior lender was Series 2017-SB28 and Freddie Mac which held debt that had an original loan amount of $5 million. The property has 13,960 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $356 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 owner bought the property on December 29, 2005, for $1.4 million. The signatory for Watermark Capital Group was Meir D. Tabak .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Tom Rosenberg, head officer. The business entity is 980 Bergen Llc.

The property

The residential walkup building with 8 residential units in Crown Heights has 13,960 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 128 feet deep with a total lot size of 5,140 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million. The property has 4 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $450 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 this tax block, PincusCo has identified the owners of 14 of the 19 commercial properties representing 111,152 square feet of the 120,544 square feet. The largest owner is Sterling Equities, followed by Watermark Capital Group and then Joel Fekete.
On the tax block, there was one new building construction project filed totaling 9,685 square feet. It is a 14-unit, 9,685 square-foot residential (R-2) building submitted by David Simhaee with plans filed January 20, 2022 and permitted August 3, 2022.

The majority, or 64 percent of the 120,544 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Watermark Capital Group owned at least 145 commercial properties with 1,670 residential units in New York City with 1,640,209 square feet and a city-determined market value of $325.2 million. (Market value is typically about 50% of actual value.) The portfolio has $404.8 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and QuadReal Property Group respectively. Within the portfolio, the bulk, or 51 percent of the 1,640,209 square feet of built space are walkup properties, with elevator properties next occupying 16 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.

Direct link to Acris document. link