Ayush Kapahi and SKF Development borrow $15M from Popular Bank for multifamily construction in Highbridge

Ayush Kapahi’s HKS Capital Partners through the entity 966 Woodycrest Development LLC as borrower signed a loan agreement with lender Popular Bank valued at $14.6 million for 1 parcel, including the tax class apartment building at 972 Woodycrest Avenue in Highbridge. The deal closed on December 19, 2019 and was recorded on January 9, 2020.
The property has 68,771 square feet of available development rights.
The average loan per buildable square foot is $212.
This is a construction loan.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link