Alex Meshechok borrows $7M from Newcastle Debt Fund for multifamily property in Prospect Heights

Alex Meshechok through the entity 218-220 Park Place, LLC as borrower signed a loan agreement with lender Newcastle Debt Fund I LLC valued at $7.1 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 20 residential units at 218 Park Place, 220 Park Place in Prospect Heights. The deal closed on April 10, 2020 and was recorded on April 20, 2020.

The average loan per unit is $355,000.
The last time the property sold was May 31, 2016, for $6,300,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $462,410. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $85,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link