Provident Bank Records $48.5M Against 16 Brooklyn Commercial Lots
Two Bermuda Realty LLCs recorded matching $48.5M instruments with Provident Bank on 16 commercial lots across Brooklyn, from Atlantic Avenue to Cortelyou Road.
Provident Bank is now on record against 16 commercial lots across Brooklyn. Two LLCs named Bermuda Realty recorded a $48,500,000 agreement and a matching $48,500,000 assignment of leases and rents with the bank on Sept. 30.
Why it matters
The pairing is the standard footprint of a commercial real estate loan: an agreement document plus a lender claim on the rents the buildings throw off. ACRIS lists the borrowers as Bermuda Realty No. 2 LLC and Bermuda Realty No. 3 LLC, both at 15 Ocean Avenue in Brooklyn, and the lender as Provident Bank of Woodbridge, N.J. That puts a New Jersey bank’s money into a Brooklyn storefront and corridor portfolio, not a single trophy asset.
The lots are spread along the borough’s retail spines: Atlantic Avenue (1706, 1708, 1720 and 2064), Fulton Street (1117, 1125, 1131 and 1135), Sutter Avenue (448, 455 and 456), Nostrand Avenue (1261 and 1300), plus 1181 East New York Avenue, 1525 Cortelyou Road and 823 Broadway.
The numbers
Both documents show $48,500,000, dated Sept. 23 and recorded Sept. 30. Spread across 16 lots, that is roughly $3.0 million per lot on simple division. That is an average only, not an allocation: the filings do not split the amount by property.
We also checked the human-stake angle. HPD’s open-violation file shows zero open violations at 1720 Atlantic Avenue, 1131 Fulton Street and 456 Sutter Avenue as of Oct. 13, and the borrowers are not on our worst-landlords list. All 16 lots carry ACRIS’s commercial property code, so this is a retail-and-mixed-use credit story, not a tenant-distress one.
What’s next
The documents do not say whether this is new money or a refinance, what the interest rate or term is, or which lots secure how much, so we state none of that. Watch ACRIS for satisfactions or individual lot assignments that would reveal how the $48.5 million is carved up. More New York deal flow is on our New York market page.
What we verified
What we checked ourselves, and where you can check it too.
- Public recordBoth ACRIS documents carry the same $48,500,000 amount, a Sept. 23, 2026 document date and a Sept. 30 recording date, and both list the same 16 Brooklyn lots, all coded commercial.View the record on a836-acris.nyc.gov
- Our dataWe checked HPD's open-violation file for 1720 Atlantic Ave, 1131 Fulton St and 456 Sutter Ave on Oct. 13 and found zero open violations at each address, and neither borrower appears on our worst-landlords list.View the record on a836-acris.nyc.gov
On the record
- Primary recordNYC Department of Finance, ACRISAgreement (AGMT), $48,500,000, Bermuda Realty No. 2 LLC and No. 3 LLC with Provident Bank, recorded Sept. 30, 2026
- Primary recordNYC Department of Finance, ACRISAssignment of leases and rents (AL&R), $48,500,000, same parties, recorded Sept. 30, 2026