Goldman Sachs Supplies $93M Refi on NYC Multifamily Portfolio

Josh Gotlib’s Black Spruce Management has secured a $93 million loan to refinance a multifamily portfolio in Brooklyn and Queens, Commercial Observer has learned.

Goldman Sachs (GS) provided the loan on Black Spruce’s 409 total apartment units from properties it owns in Briarwood, Queens, and in Brooklyn, source told CO.

Newmark (NMRK)’s Nick Scribani and Daniel Fromm arranged the transaction with oversight from Jordan Roeschlaub. 

The portfolio in the refi includes 383 units for apartment buildings at 80-08 135th Street and 81-10 135th Street Street in Briarwood. Black Spruce acquired the buildings from Musso Group for $87 million in January 2022, The Real Deal reported at the time.

Black Spruce’s properties involved in the loan also include Brooklyn affordable housing units at 

872 Bergen Street, 818 Bergen Street, 808 Bergen Street, 667 Classon Avenue, 663 Classon Avenue, 649-651 Classon Avenue, 643 Franklin Avenue, 634 Classon Avenue, 592 Franklin Avenue, 515 St. Marks Avenue, 489 St. Marks Avenue, 483 St. Marks Avenue and 1063 Pacific Street. 

The developer has had an active fall going into contract in October with retired boxer Floyd Mayweather Jr. to buy a 60-building 1,000-unit affordable housing portfolio in Upper Manhattan. Mayweather has made other investments across Black Spruce’s New York City multifamily portfolio, but it was not immediately clear if the buildings in the loan were included.

Officials for Black Spruce Management and Newmark did not immediately return requests for comment. Goldman Sachs declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com