CSC Coliving signs $21M new construction loan with Northwind Group for school rehab in Central Harlem

CSC Coliving through the entity CSC 47 East 129th Street, LLC as borrower signed a rehab construction loan agreement with lender Northwind Group through the entity Nw 2045 Madison Lender LLC valued at $21 million for the development site that is part of a landmarked church property at 41 East 129th Street in Central Harlem, Manhattan.
The church property, at 41 East 129th Street, runs the entire length of Madison Avenue between 129th and 130th streets. The church and school building were designated New York City landmarks in 2007.
The deal closed on March 26, 2021 and was recorded on April 23, 2021.
The property has 48,100 square feet of built space and 41,406 square feet of additional air rights for a total buildable of 89,528 square feet according to PincusCo analysis of city data. The loan price per built square foot is $436 and the price per buildable square foot is $234 per the PincusCo analysis.
The signatory for CSC Coliving was Alberto Smeke Saba|Sal Smeke Saba. The signatory for Northwind Group was Ran Eliasaf. The building is leased to a charter school.

Correction: This is not a new construction loan, is a rehabilitation loan.