Fairstead borrows $86M from Berkshire Residential for property in Central Harlem

Fairstead through the entity Dunbar Owner LLC as borrower signed a loan agreement with lender Berkshire Residential Investments through the entity Mf1 Capital LLC valued at $86.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 538 residential units at 2802 Fredrick Douglass Boulevard in Central Harlem. The deal closed on February 23, 2021 and was recorded on March 9, 2021.
The property contains a total of 436,115 square feet of built space.
The average loan per unit is $159,851.
The last time the property sold was June 27, 2013 for $55,000,000.
Over the past five years, there have been 75 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $157,000. Those filings sought to increase the number of residential units by 5 to 422 There were 71 renovation/alteration projects (A2) applied for with a total estimated value of $7,267,278.

Direct link to Acris document. link