Black Spruce obtained financing of $65M from ARBOR COMMERCIAL FUNDING

Black Spruce Management through its BSP 2484 ACP LLC as borrower signed a loan agreement with lender ARBOR COMMERCIAL FUNDING I, LLC valued at $65.5 million for 17 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 226 residential units at 2484 Adam C Powell Blvd, 2232 Adam C Powell Blvd, 2247 Adam C Powell Blvd, 2251 Adam C Powell Blvd, 2253 Adam C Powell Blvd, and others in Central Harlem. The deal closed on June 26, 2019 and was recorded on July 12, 2019.
The property contains a total of 212,978 square feet of built space. The property has 2,958 square feet of available development rights.
The average loan per unit is $289,602.

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