Joseph Brunner and Abe Mandel’s Bruman Realty locked in a $90 million construction loan from Madison Realty Capital for a new two-building rental complex in Bushwick, sources told The Real Deal.
The developers are planning two new structures spanning 218,700 square feet and holding 232 rental apartments. The site will gain a 55-unit, 49,700-square-foot structure at 889 Bushwick Avenue and a 177-unit, 169,000-square-foot one at 340 Evergreen Avenue.
“Having the ability to be a single-source loan provider has been a big competitive advantage in the market today as we are not dependent on various layers in the capital stack to commit in order to execute a transaction,” Zegen said.
The owners paid $15 million for the development site in 2014. As part of the deal, they agreed to extensively renovate the existing 152,650-square-foot community facility at 871 Bushwick Avenue on the site. The facility is triple-net-leased to Christian nonprofit Metro World Child. That renovation was completed earlier this year, Zegen said.
The SHB Group’s Steven Hersko brokered the financing.
A representative for Bruman could not be reached for comment.
Although fellow Brooklyn landlord Moshe Braver filed plans for a project there last year, sources said he is serving as the owner’s representative and does not own an equity stake.