Xenolith Partners signs $50.3M construction loan for 95-unit dev site in Brownsville

Xenolith Partners through the entity 1546 Eny Housing Development Fund Company Inc. as borrower signed a new construction loan with lender Webster Bank valued at $50.3 million for the development site at 1546 East New York Avenue in Brownsville, Brooklyn.

On these lots, there is one active new building construction project, B01167866, for a 85,059 square-foot residential (R-2) building. The project was submitted by Xenolith Partners and filed by Terri Belkas Mitchell with plans filed March 12, 2025 and it has not been permitted yet. The schedule of occupancy shows the building will have 95 units.
The deal closed on December 19, 2025 and was recorded on January 28, 2026.
The signatory for Xenolith Partners was Terri Belkas-Mitchell . The signatory for Webster Bank was K. James Dittbrenner .

The property

The specialty building in Brownsville has 11,250 square feet of built space and 6,842 square feet of additional air rights for a total buildable of 18,071 square feet according to a PincusCo analysis of city data. The parcel has frontage of 91 feet and is 100 feet deep with a total lot size of 7,437 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $587,000.

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 $50 in OATH penalties in the last year.

The neighborhood

In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $205.9 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 11th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 1546 East New York Avenue, PincusCo has identified the owners of five of the 36 commercial properties representing 795,390 square feet of the 956,559 square feet. The largest owner is New York City Housing Authority, followed by Dionnysios Lekatsas and then Eshagh Malekan.
On the tax block, there were five new building construction projects totaling 108,088 square feet. The largest is a 85,059 square-foot residential (R-2) building submitted by Xenolith Partners and filed by Terri Belkas Mitchell with plans filed March 12, 2025 and it has not been permitted yet. The second largest is a 27-unit, 8,479 square-foot hotel/dormitory/shelter (R-1) building submitted by Gunja Parekh with plans filed December 24, 2019 and permitted February 26, 2021.

The majority, or 81 percent of the 956,559 square feet of built space are elevator buildings, with mixed-use buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Xenolith Partners owned at least two commercial properties with 277 residential units in New York City with 3,120 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio has $121.4 million in debt, borrowed from NYC Housing Development Corporation and TD Bank. Within the portfolio, all identified are specialty properties. They are all located in Brooklyn.

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