Myrtle Spencer lands $14M Ponce Bank loan on Bed-Stuy 38-unit site

Myrtle Spencer LLC recorded a $13,976,870 mortgage from Ponce Bank, N.A. on 2026-10-07 against its Bed-Stuy lot at 703 Myrtle Avenue, Brooklyn, where DOB filings propose a 10-story, 38-unit building. The loan is 129% of the $10.8M the same borrower paid for the lot in June 2025.

Why it matters

The sequence is a clean read on how a small Brooklyn site gets financed in stages. A $6.5M bridge came with the 2025 purchase, a New Building filing followed in early 2026, and a larger bank loan was signed on 2026-08-21, 429 days after the deed. That is the stage where short-term debt gets replaced or sized up once the plans are in. For builders eyeing Myrtle Avenue lots, it shows a regional bank lending well above the original land price on a filed, not yet built, project. Ponce Bank has been active in the borough; see our earlier coverage of its Brooklyn lending and the New York market hub.

The numbers

The mortgage is $13,976,870, dated 2026-08-21 and recorded 2026-10-07 (CRFN 2026000286104). The 2025 deed moved the lot from 703 Myrtle LLC to Myrtle Spencer LLC for $10,800,000, alongside a $6,500,000 mortgage from S3 SB Real Estate Credit A Trust. Tax lot 39 measures 8,620 sq ft in PLUTO, zoned R7D, so the 2025 price works out to about $1,253 per sq ft of land. Divided by the 38 proposed units, the new loan is about $367,812 per unit.

DOB NOW job B01269810 at 701 Myrtle Avenue is a New Building filing for 38 dwelling units and 10 stories, with filing entries dated from February to March 2026. Those filings list Blue Shine Builders Inc as the owner business name. Separate demolition filings for 703 Myrtle Avenue date to March 2025, before the deed.

What’s next

The ACRIS record does not say whether the new loan retires the S3 bridge; no satisfaction for it appears in the records we pulled. A satisfaction recorded in coming weeks would confirm a refinance. Watch for a construction start and permit issuance on the 38-unit job, which would show how quickly the loan proceeds turn into work on site.