Cayre Equities gets $13.7M rehab construction loan for Central Harlem project

Cayre Equities through the entity CS Esplanade Gardens LLC as borrower signed a loan agreement with lender Santander Bank valued at $13.7 million for 1 parcel, including the tax class office building with two to six stories (O2) at 709 Esplanade Gardens Plaza in Central Harlem. The deal closed on December 8, 2020 and was recorded on February 1, 2021.
The property contains a total of 36,200 square feet of built space.
The average loan per buildable square foot is $212.
This is a rehab construction loan. The full mortgage is $13,680,000 composed of $6 million land loan, $6 million building loan and a $1.68 million project loan. The last time the property sold was June 30, 2014 for $7,000,000.
Over the past five years, there have been 10 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 $40,000.0. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $2,119,000.

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