Carter Management borrows $30M from SKW Funding for property acquisition in Lenox Hill

Carter Management through the entity Lazarus 5, LLC as borrower signed a loan agreement with lender SKW Funding through the entity SKW – B 305 E 61st Street, LLC valued at $30 million for 1 parcel, including the tax class warehouse or self storage (E7) and containing 14 residential units at 305 East 61st Street in Lenox Hill. The deal closed on September 9, 2020 and was recorded on October 19, 2020.
The property contains a total of 66,237 square feet of built space.
The average loan per unit is $2,142,857.
This is an acquisition loan. Carter Management bought the property out of bankruptcy. To acquire title, Carter had bought the debt from Maverick Real Estate Partners, borrowing $30 million at the time from SKW Funding. This transaction memorializes SKW as the secured lender with Carter as the owner. SKW in turn, with the signatory Ayush Kapahi, borrowed from Centennial Bank an undisclosed amount to fund the loan, according to a collateral assignment of mortgage recorded simultaneously.

Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $364,800. Those filings sought to increase the number of residential units by 14 to 14 There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $3,081,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Ayush Kapahi