Avenal Development borrows $48M from Orix for 322 rental units in Central Harlem

Avenal Development & Construction through the entity Church Home Associates, L.P. as borrower signed a loan agreement with lender Orix Real Estate Capital, LLC valued at $48 million for 4 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 322 residential units at 89 Lenox Avenue in Central Harlem. The deal closed on March 25, 2021 and was recorded on April 9, 2021.
The property contains a total of 154,962 square feet of built space. The property has 309,924 square feet of available development rights.
The average loan per unit is $149,068.
This is for the HUD-affiliated Cannan IV Towers
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $121,500.

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