Atlantic Development Group borrows $12M from Deutsche Bank for property in Tremont

Atlantic Development Group through the entity Crotona Parkway Associates, L.P. as borrower signed a loan agreement with lender Deutsche Bank valued at $12 million for 2 parcels, including the tax class commercial condominium unit (R5) and containing 98 residential units at 1926 Crotona Parkway in Tremont. The deal closed on June 25, 2020 and was recorded on July 23, 2020.

The average loan per unit is $122,449.
The financing includes $6.8 million in new debt, though the total debt is below the amount originally financed by the NYC Housing Development Corp. for $14.4 million in 2007.

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