Chestnut Holdings signs $10.2M acquisition loan with Investors Bank for rental in Longwood Melrose

Chestnut Holdings through the entity 230 E 167 LLC as borrower signed an acquisition loan with lender Investors Bank valued at $10.2 million for the 78-unit rental (D7) at 230 East 167th Street in Longwood Melrose, Bronx.
The deal closed on August 16, 2021 and was recorded on September 1, 2021.
The property has 77,986 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $130 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on 16-Aug-21, for $13.6 million.
The signatory for Chestnut Holdings was Jonathan Wiener.

Within a 400-foot radius of 230 East 167th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, four were sales above $5 million totaling $42.7 million. The most recent of the four was Settlement Housing Fund which bought the 16,410-square-foot, 37-unit rental (C1) on 1194 Sherman Avenue and five other properties for $13.2 million from Leonard Schwartz on August 11, 2021.
Of those seven items, three were loans above $5 million totaling $101.2 million. The most recent of the three was Prana Investments which borrowed $12.8 million from Capital One secured by the 67,114-square-foot, 61-unit rental (D1) on 1226 Sherman Avenue and one other property on April 10, 2020.

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