Alex Solovey borrows $26M from Capital Funding Group for nursing home property in Kingsbridge

Alex Solovey through the entity Terrace Acquisition I, LLC as borrower signed a loan agreement with lender Capital Funding Group valued at $25.8 million for 1 parcel, including the tax class nursing home (I6) at 2678 Kingsbridge Terrace in Kingsbridge. The deal closed on January 16, 2020 and was recorded on February 19, 2020.
The property contains a total of 87,600 square feet of built space.
The average loan per buildable square foot is $295.
The new financing includes $9 million in supplemental healthcare financing, on top of a $16.8 million loan Bank of America provided in 2016 and assigned to Capital Funding. The last time the property sold was July 27, 2016, for $12,371,666. Solovey is a nursing home operator.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $1,028,150.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link