Black Spruce borrows $30.4M from New York Community to acquire 182 units in Manhattan

Black Spruce Management through the entity J Robinson Park LLC as borrower signed a loan agreement with lender New York Community Bank valued at $30.4 million for 5 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 182 residential units at 242 Bradhurst Avenue, 246 Bradhurst Avenue, 303 West 154th Street, 363 Edgecombe Avenue, 367 Edgecombe Avenue in Central Harlem and Upper Manhattan. The deal closed on November 17, 2020 and was recorded on December 11, 2020.

The average loan per unit is $167,257.
This is an acquisition loan. The prior maximum debt was $21.35 given by Signature Bank.

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