Doe Fund borrows $13M from KeyBank for homeless shelter site in Bedford-Stuyvesant

The Doe Fund through the entity 510 Gates Avenue Housing Development Fund Corp as borrower signed a loan agreement with lender KeyBank valued at $13.4 million for 1 parcel, including the tax class office building with two to six stories (O2) at 510-16 Gates Avenue in Bedford-Stuyvesant. The deal closed on May 15, 2020 and was recorded on May 21, 2020.
The property contains a total of 32,883 square feet of built space. The property has 3,514 square feet of available development rights.
The average loan per buildable square foot is $368.
The Doe Fund won a bidding process in 2019 from the city for a 22-year, $307 million contract to provide homeless services at 510 Gates Avenue. The last time the property sold was October 15, 2010, for $5,000,000. John McDonald, Doe Fund COO, signed the loan document.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 10, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link