Delshah Capital borrows $180M from Arbor Realty for 206-unit rental in Morningside Heights

Michael Shah’s Delshah Capital through the entity Ds 30 Morningside Drive LLC as borrower signed a loan agreement with lender Arbor Realty Sr, Inc. valued at $180.0 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 206 residential units at 30 Morningside Drive in Morningside Heights. The deal closed on December 31, 2020 and was recorded on January 25, 2021.
The property contains a total of 265,216 square feet of built space. The property has 265,216 square feet of available development rights.
The average loan per unit is $873,786.
The loans refinance $130 million previously given by Square Mile Capital Management and adds a $50 million gap loan, which The Real Deal reported was used to pay off TASE bonds. . The last time the property sold was June 13, 2016 for $111,500,000.
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 $3,036,800.

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