Directed Capital sells $3.5M loan to Pacific Western after buying debt in April

Florida-based turnaround lender Directed Capital sold a loan secured by a Bronx grocery property with an original principal of $3.533 million to Pacific Western Bank five months after buying it from Citizens Bank in April.

Directed Capital through the entity DCR Mortgage 10 Sub 3, LLC as lender assigned the loan to the new lender Pacific Western Bank. The loan is secured by one parcel owned by Kwabena Adjei and Josephine Ahenkora through the entity 3400 Park Ave. LLC, with the tax class miscellaneous warehouse (E9) at 3400 Park Avenue in Morrisania. The deal closed on September 1, 2020 and was recorded on September 25, 2020.
The property contains a total of 24,582 square feet of built space. The borrower bought the property on July 28, 2016, for $3,500,000 and opened a grocery store.

Directed Capital bought the loans in April 2020. Directed Capital announced on September 23 that it had obtained a $40 million credit facility from Pacific Western.

Over the past five years, there have been 2 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 $149,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $282,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link