Briarwood borrows $44M from Northmarq Capital for property in Briarwood

Briarwood, Inc. through the entity Briarwood Associates L.P. as borrower signed a loan agreement with lender Northmarq Capital LLC valued at $44.5 million for 3 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 514 residential units at 139-60 85th Drive, 141-50 85th Road, and 141-35 85th Road in Briarwood. The deal closed on January 6, 2021 and was recorded on January 19, 2021.
The property has 396,701 square feet of built space and available development rights.
The average loan per unit is $86,576.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $197,725.

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