Atlantic Development borrows $13.3M from JLL Real Estate for 160 units in Morrisania

Peter Fine’s Atlantic Development Group through the entity Reverend Polite Avenue Associates, L.P. as borrower signed a loan agreement with lender JLL Real Estate Capital, LLC valued at $13.3 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 160 residential units at 881 East 162nd Street, 861 East 163rd Street in Morrisania. The deal closed on August 28, 2020 and was recorded on October 19, 2020.

The average loan per unit is $83,125.
The last time the property sold was November 16, 2017, for $6,437,838. Atlantic Development is the ground tenant with Bradley Hamberger as signatory for Senior Living Options, the ground landlord.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link