Joseph Brunner lands $130M refi for massive Bushwick rental building

Bushwick Avenue project contains more than 200 residential units overall

TRD New York /
Aug.August 22, 2019 03:15 PM
871 Bushwick Avenue in Brooklyn (Credit: Google Maps)

871 Bushwick Avenue in Brooklyn (Credit: Google Maps)

Joseph Brunner’s Bruman Realty has secured a $130 million refinancing package from Starwood Mortgage Capital for a large rental development in Bushwick.

The loan includes a gap mortgage for $20 million, according to property records. The more than 200-unit development sits on the corner of Himrod Street at 871 Bushwick Avenue. The owners bought the site in 2014 for $15 million, and the project contains more than 200 apartments overall.

Representatives for Starwood and Brunner did not respond to requests for comment.

Brunner and Abe Mandel landed a $90 million construction loan for the development in 2016 from Madison Realty Capital, and Moshe Braver’s Bushwick Realty Holdings landed a $110 million refinancing for the project last summer from Benefit Street Partners Realty Trust.

Braver declined to comment on the refinancing. Sources previously told The Real Deal that he serves as the owner’s representative for the project and does not own an equity stake in it.


Related Article

arrow_forward_ios
The Rheingold at 10 Montieth Street in Bushwick (Credit: StreetEasy)

Rabsky Group lands $200M refi for 500-unit Bushwick building

From left: 227 Waverly Place, 29 5th Avenue, and 1487 Broadway in Bushwick (Credit: Renaissance Properties New York, StreetEasy, and Apartments)

Here’s what the $10M-$20M NYC investment sales market looked like last week

Inside San Francisco’s office market: Developers win “beauty contests” and lease entire buildings within months

Starwood Capital’s Barry Sternlicht, Holland Partner Group CEO Clyde Holland, and a rendering of 550 Harborfront

Starwood’s $500M Opportunity Zone fund is buying in LA

Starwood Capital Group CEO Barry Sternlicht and a rendering of 425 Westchester Avenue (Credit: Wikipedia)

Starwood, AB Capstone developing mixed-use complex in South Bronx Opp Zone

Macerich’s tough Q1 comes amid store closures, redevelopment plans

Here’s what the $10M-$20M NYC investment sales market looked like last week

Barry Sternlicht’s Starwood Capital is coming to the Meatpacking District

arrow_forward_ios