Arker Companies borrows $34M from Wells Fargo for development site in Arverne

Arker Companies through the entity Peninsula Rockaway Limited Partnership as borrower signed a loan agreement with lender Wells Fargo Bank valued at $34 million for 2 parcels, including the tax class library, hospital or museum (V6) at 51-15 Rockaway Beach Blvd, 51-17 Rockaway Beach Blvd in Arverne. The deal closed on January 13, 2020 and was recorded on February 24, 2020.

Wells Fargo provided an additional $19.8 million in predevelopment financing, added to the $14.2 million acquisition loan provided in 2016. The last time the property sold was May 5, 2016, for $19,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $625,185. There has been one demolition project filed for the parcels over the past five years. The demolition included 182 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link