Watermark Capital signs $31M refi loan with QuadReal for two walkups in Williamsburg

Watermark Capital Group through the entity Leonard Terrace LLC as borrower signed a refi loan with lender QuadReal Property Group through the entity QR US Finance REIT LLC valued at $31 million for two walkups with 82 residential units including the 75-unit residential walkup building (C1) at 74 Maujer Street in Williamsburg, Brooklyn and seven-unit residential walkup building (C1) at 72 Maujer Street in Williamsburg, Brooklyn.
The deal closed on July 9, 2025 and was recorded on July 21, 2025. The two properties have 57,155 square feet of built space and 2,875 square feet of additional air rights for a total buildable of 60,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $542 and the price per buildable square foot is $516 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 Watermark Capital Group was Wolfe Landau . The signatory for QuadReal Property Group was Paul Stern .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 74 Maujer Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Mordechai Landau, head officer and Jack Basch, site manager. The business entity is Leonard Terrace Llc. The two properties with a total of 57,155 square feet of built space generated revenue of $2.1 million per year or $36 per square foot.

The property

The residential walkup building with 75 residential units in Williamsburg has 57,155 square feet of built space and 2,875 square feet of additional air rights for a total buildable of 60,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 200 feet deep with a total lot size of 27,500 square feet. The lot is irregular. 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 $9.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 11 housing violations and $1,100 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 74 Maujer Street, PincusCo has identified the owners of 10 of the 14 commercial properties representing 139,305 square feet of the 157,080 square feet. The largest owner is Watermark Capital Group, followed by Nuchem Obstfeld and then Jacob Rubin.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 157,080 square feet of built space are walkup buildings, with mixed-use buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Watermark Capital Group owned at least 137 commercial properties with 1,530 residential units in New York City with 1,590,954 square feet and a city-determined market value of $315.2 million. (Market value is typically about 50% of actual value.) The portfolio has $236 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and Signature Bank respectively. Within the portfolio, the bulk, or 51 percent of the 1,590,954 square feet of built space are walkup properties, with elevator properties next occupying 16 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.

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