Maxim Capital Lends $53M on Windsor Terrace Development

A joint venture between Dornin Investment Group (DIG) and Torchlight Investors has secured fresh capital for a nearly completed Brooklyn multifamily development four months after purchasing the property’s nonperforming note.

Maxim Capital Group provided $53.2 million of senior participation financing for DIG and Torchlight’s purchase of the debt tied to the 131-unit apartment project at 57 Caton Place in Brooklyn’s Windsor Terrace neighborhood, Commercial Observer has learned. DIG in partnership with Torchlight acquired a nonperforming senior loan secured by the development for $78 million in December, CO first reported at the time. 

Ripco Real Estate negotiated the financing on behalf of Maxim with a team consisting of Adam Hakim, James Murad and Michael Winter. 

“This financing demonstrates continued lender confidence in high-quality multifamily opportunities across Brooklyn,” Winter, managing director at Ripco, said in a statement. “We were pleased to structure a solution with Maxim Capital Group that provides the capital needed to advance this exceptional development through its final stage and toward stabilization.”

Located at between Caton Place and Ocean Parkway near the southern tip of Prospect Park, the roughly 101,000-square-foot development is slated for completion this year. 

An affiliate of the project’s developer, Abraham Leifer’s Aview Equities, landed a $66 million construction loan from Parkview Financial in January 2022. Parkview filed a suit in late 2023  against PV Caton Ocean, an entity controlled by Leifer, over alleged unpaid debt totalling $66 million supporting the project, Crain’s New York Business previously reported. 

Maxim Capital Group, DIG, Torchlight and Aview Equities did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.