News:
Brokerage
Posted: June 1, 2021
Urban Standard Capital places $8.7m construction loan for Spencer Developers
Brooklyn, NY Urban Standard Capital, (USC) delivered a $8.7 million construction completion loan to Spencer Developers to finish a gut renovation of a previously blighted, three-story building.
The property, located in Bedford-Stuyvesant, is being repurposed into 24 residential units. The building, located at 1194-1202 Bedford Ave., is just three months away from completion.
The 12-month loan was negotiated by USC’s Seth Weissman, Charlie Brosens and Robert Levine.
“This loan is a great example of how USC diligently structures deals that create positive outcomes for all of the parties involved,” said Levine.
Spencer Developers purchased the buildings from Grace Baptist Church in 2019 in a structure where the Church provided seller financing.
Levine said, “Our loan enabled the church to take a significant amount of money off the table in addition to giving the project runway to completion and, ultimately, stabilization.”
Tags:
Brokerage
MORE FROM Brokerage
People’s Arc of Suffolk signed at 10-year lease 59 Sunrise Hwy East Islip, NY
East Islip, NY People’s Arc of Suffolk has signed a 10-year lease for a 4,000 s/f freestanding retail/office building at 59 Sunrise Hwy. The property
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
