Black Spruce Management obtained financing of $47M from Amerant Bank

Black Spruce Management through the entity 25 East 67Th Street LLC as borrower signed a loan agreement with lender Amerant Bank, N.A. valued at $47.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 53 residential units at 794 Madison Avenue in Lenox Hill. The deal closed on August 02, 2019 and was recorded on August 20, 2019.
The property contains a total of 41,674 square feet of built space.
The average loan per unit is $886,792.

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 $197,885.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link