Carter Management ups debt to $33M with Raith Capital for property in Lenox Hill

Carter Management through the entity Lazarus 5, LLC as borrower signed a loan agreement with lender Raith Capital Partners, LLC valued at $33 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 14 residential units at 305 East 61st Street in Lenox Hill. The deal closed on March 19, 2021 and was recorded on April 14, 2021.
The property contains a total of 66,237 square feet of built space.
The average loan per unit is $2,357,143. The signatory for the borrower was Jason Carter.
Carter Management increased its debt by $3 million from the $30 million acquisition financing that SKW Funding provided in September 2020.  The last time the property sold was September 9, 2020, when Carter acquired the property for $51,406,054 out of bankruptcy.
Over the past five years, there have been 18 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 $364,800.0. Those filings sought to increase the number of residential units by 14 to 14 There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $2,477,000.

Direct link to Acris document. link