Atlantic Development borrows $11.5M from Signature Bank for 115-unit rental in Highbridge

Peter Fine’s Atlantic Development Group through the entity Nelson Avenue Associates, L.P. as borrower signed a loan agreement with lender Signature Bank valued at $11.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 115 residential units at 1314 Nelson Avenue in Highbridge. The deal closed on July 15, 2020 and was recorded on September 16, 2020.
The property contains a total of 110,654 square feet of built space.
The average loan per unit is $100,000.

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