Zalmen Management borrows $25M from Signature Bank for property in Bedford-Stuyvesant

Zalmen Management through the entity Ssj Realty Development LLC as borrower signed a loan agreement with lender Signature Bank valued at $24.7 million for the 70-unit rental building at 785 Dekalb Avenue in Bedford-Stuyvesant. The deal closed on September 20, 2019 and was recorded on October 7, 2019.
The property contains a total of 52,430 square feet of built space.
The average loan per unit is $352,143.
The last time the property sold was August 15, 2006, for $2,700,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 70 residential (or hotel) units on February 26, 2016.

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