Churchill Real Estate Holdings obtained financing of $22M from Calmwater Capital

Churchill Real Estate Holdings through the entity Churchill E 62nd LLC as borrower signed a loan agreement with lender Calmwater Capital through the entity U.S. Real Estate Credit Holdings III-A, LP valued at $22.2 million for 1 parcel, including the tax class multifamily, five to six families (C2) and containing 5 residential units at 163 East 62 Street in Lenox Hill. The deal closed on August 12, 2019 and was recorded on August 26, 2019.
The property contains a total of 6,848 square feet of built space. The property has 5,781 square feet of available development rights.
The average loan per buildable square foot is $1,574.
The last time the property sold was March 02, 2018, for $18,211,729.

Over the past five years, there have been 6 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 $1,748,100. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $224,000.There has been one new building permit application totaling 11,654 square feet. Those plans include a total of 5 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link