Chestnut Holdings of New York borrows $14M from Capital One for multifamily property in Tremont

Chestnut Holdings of New York through the entity 1560 Gc LLC as borrower signed a loan agreement with lender Capital One valued at $13.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 118 residential units at 1560 Grand Concourse in Tremont. The deal closed on November 5, 2019 and was recorded on December 5, 2019.
The property contains a total of 139,650 square feet of built space.
The average loan per unit is $116,525.
The last time the property sold was July 2, 2007, for $12,200,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link