Atlantic Development Group borrows $14M from Jones Lang LaSalle Multifamily for multifamily property in Morrisania

Atlantic Development Group through the entity Melrose Avenue Associates, L.P. as borrower signed a loan agreement with lender Jones Lang Lasalle Multifamily assigned to Fannie Mae valued at $14 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 165 residential units at 404 East 158th Street in Morrisania. The deal closed on November 26, 2019 and was recorded on February 3, 2020.
The property contains a total of 193,564 square feet of built space. The property has 205,876 square feet of available development rights.
The average loan per unit is $84,848.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 82 residential units on October 1, 2012.

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