Benzion Wachsman refis $25.9M debt from New York Community for 319-unit portfolio in Bronx

Benzion Wachsman through the entity Andrews Plaza Housing Associates L.P. as borrower signed a loan agreement with lender New York Community Bank valued at $25.9 million for 8 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 319 residential units at 1820 Phelan Place, 1840 Sedgwick Avenue, 1725 Andrews Avenue South, 1760 Andrews Avenue South and others in the Bronx. The deal closed on May 31, 2020 and was recorded on November 2, 2020.
The property has 320,782 square feet of built space and available development rights.
The average loan per unit is $81,264.
The prior loan was also provided by New York Community Bank and totaled $27 million.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $172,830.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link