Chile-based Stars REI borrows $17M from Signature Bank for rental property in West Harlem

Chile-based Stars REI under CEO Oscar Boettiger through the entity West 126th Investors, LLC as borrower signed a loan agreement with lender Signature Bank valued at $17 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 56 residential units at 556 West 126th Street, 560 West 126th Street, 564 West 126th Street in West Harlem. The deal closed on April 9, 2020 and was recorded on April 13, 2020.

The average loan per unit is $303,571.
This is the first debt Stars has put on the buildings since it bought them from Thor Equities in 2018. The last time the property sold was November 28, 2018, when the company bought it for $34,300,000.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $809,070.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link