Starwood Provides $42M CMBS Loan for Bed-Stuy Luxury Rental Property
By Cathy Cunningham May 3, 2018 12:58 pm
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Starwood Property Trust has lent $42 million on 1875 Atlantic Avenue, a nine-story residential building in Bedford-Stuyvesant, Brooklyn owned by Joseph Brunner and Abe Mandel’s Bruman Realty, property records show.
The loan will be contributed into a CMBS conduit deal, sources close to the transaction told Commercial Observer.
The debt replaces and consolidates roughly $30 million in previous debt on the property—provided by Investors Bank—with a new $12.3 million mortgage.
NYC Housing Partnership sold the property—formerly a single-story warehouse at the time—to the developers in June 2015 for $7.3 million, property records show.
Greenpoint, Brooklyn-based StudiosC designed the nine-story, 118-unit, 78,000-square-foot property, which sits at the intersection of Atlantic Avenue and Columbus Place and features a double-height lobby.
Construction wrapped at the end of last year and leasing began in January 2018 with rents stating at $2,048, according to StreetEasy.
Building amenities include a rooftop deck, a game room, a lounge, a fitness center, a laundry room and a bike room.
Officials at Starwood declined to comment. Officials at Bruman Realty could not be reached for comment.
