City Skyline borrows $12M from Arbor Realty Trust for multifamily property in Fordham

Douglas Peterson’s City Skyline through the entity 2120 Tiebout LLC as borrower signed a loan agreement with lender Arbor Realty Trust assigned to Fannie Mae through the entity Arbor Commercial Funding I, LLC valued at $11.9 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 75 residential units at 2120 Tiebout Avenue in Fordham. The deal closed on December 27, 2019 and was recorded on March 12, 2020.
The property contains a total of 63,750 square feet of built space. The property has 75,362 square feet of available development rights.
The average loan per unit is $159,000.
The last time the property sold was September 3, 2015, for $10,435,000.

Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $838,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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