Brooklyn, NY Urban Standard Capital (USC) has granted Spencer Developers a $ 8.7 million loan
The property in Bedford-Stuyvesant will be converted into 24 residential units. The building that is on Bedford Ave. 1194-1202 is only three months away from completion.
The 12 month loan was negotiated by Seth Weissman, Charlie Brosens and Robert Levine from USC.
“This loan is a great example of how USC carefully structures deals that produce positive results for all parties involved,” said Levine.
Spencer Developers purchased the buildings from Grace Baptist Church in 2019 in a structure where the church provided seller finance.
Levine said, “Our loan enabled the church to take a significant amount of money off the table in addition to completing the project and ultimately stabilizing it.”
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