Village View Mitchell-Lama borrows $36.5M from Wells Fargo for property in East Village

The Village View Mitchell-Lama cooperative through the entity Village View Housing Corporation as borrower signed a loan agreement with lender Wells Fargo valued at $36.5 million for 3 parcels, including the tax class cooperative (D4) and containing 1236 residential units at 40 1st Avenue, 60 1st Avenue, and 66 1st Avenue in East Village. The deal closed on June 30, 2020 and was recorded on February 26, 2021.
The property contains a total of 147,730 square feet of built space. The property has 1,122,592 square feet of available development rights.
The average loan per unit is $29,526.
Village View is a Mitchell-Lama development.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $882,409.

Direct link to Acris document. link
The signatory for the buyer or lender was Christian Adrian