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.