Xenolith Partners signs $31.2M new construction loan with TD Bank for specialty in Brownsville
Xenolith Partners through the entity The Rise Housing Development Fund Corporation as borrower signed a new construction loan with lender TD Bank through the entity Brownsville Partnership, Inc. valued at $31.2 million for the specialty building (I9) at 1830 Strauss Street in Brownsville, Brooklyn.
The deal closed on September 30, 2022 and was recorded on October 17, 2022.
On the lot, there is one active new building construction project for a 74-unit, 59,072 square-foot R-2 building. The project was developed by Terri Belkas-Mitchell with plans filed December 2, 2020 and it has not been permitted yet.
The signatory for Xenolith Partners was Terri Belkas-Mitchell. The 74-unit project project was announced several years ago.
The property
The 1830 Strauss Street parcel has frontage of 132 feet and is 123 feet deep with a total lot size of 16,269 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $671,000.
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 not received any significant violations in the last year.
The neighborhood
In Brownsville, the bulk, or 46 percent of the 28.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has the 38th highest sale turnover among other neighborhoods in Brooklyn with $71.5 million in sales volume in the last two years. For development, Brownsville has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 855,058 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 14,290 square feet of the 53,150 square feet. The two identified owners are MHANY Management and Brookdale Hospital Medical Center.
On the tax block, there were two new building construction projects totaling 70,023 square feet. The largest is a 74-unit, 59,072-square-foot R-2 building developed by Terri Belkas-Mitchell with plans filed December 2, 2020 and it has not been permitted yet.The second largest is a nine-unit, 10,951-square-foot R-2 building developed by Muhammed Andha with plans filed December 11, 2019 and it has not been permitted yet.
the majority, or 40 percent of the 53,150 square feet of built space are retail buildings, with mixed-use buildings next occupying 22 percent of the space.
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