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New York & Tri-State  + Outer  + Finance  |  May 24, 2021
Paul Bubny
By: Paul Bubny

USC Provides Loan on Bed-Stuy Gut Renovation

Urban Standard Capital (USC) delivered an $8.7-million construction completion loan to Spencer Developers to finish a gut renovation of a previously blighted, three-story building. The property, located in Brooklyn’s Bedford-Stuyvesant neighborhood, is being repurposed into 24 residential units. 

The 12-month loan was negotiated by USC’s Seth Weissman, Charlie Brosens and Robert Levine. “This loan is a great example of how USC diligently structures deals that creates positive outcomes for all of the parties involved,” said Levine. 

Spencer Developers purchased the buildings from Grace Baptist Church in 2019 in a structure where the church provided seller financing.  Levine added, “Our loan enabled the church to take a significant amount of money off the table in addition to giving the project runway to completion and, ultimately, stabilization.”

Located at 1194-1202 Bedford Ave. in Bed-Stuy, the project is three months away from completion.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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