The Real Deal New York

Developer Charles Dayan gets $26M loan for Bed-Stuy rentals

12-story apartment building opened in April after seven years of delays

October 14, 2014 03:50PM

bed-stuy

Eastern Union Funding’s Ira Zlotowitz and 333 Greene Street in Bed-Stuy

Developer Charles Dayan of Bonjour Capital secured a $26 million loan for a much-delayed, 12-story apartment project in Bedford-Stuyvesant.

Mercantile Bank provided a long-term mortgage on the 56-unit rental property at 333 Greene Street. Shaya Sonnenschein of Eastern Union Funding brokered the financing deal. The building launched leasing in April after about seven years of stops and starts.

The project stalled in 2010, but Dayan and a partner acquired the construction mortgage and foreclosed on the site. He bought out his partner to consolidate his hold on an $18 million mortgage from Banco Popular, Crain’s reported. The loan was purchased at a discount.

In July, Dayan filed plans to build an 18-story residential building at 59 Franklin Place in Tribeca, after the building’s previous owner lost the site to foreclosure, as previously reported. [Crain’s]Mark Maurer

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