Duell family’s Morgan Holding borrows $5.5M from DR Bank for rentals in West Village

Morgan Holding Capital through the entity Patchin Place, LLC as borrower signed a loan agreement with Darien, Conn.-based lender DR Bank valued at $5.5 million for 11 parcels, including the tax class single-family, city residence (A4) and containing 35 residential units at 1 Patchin Place, 2 Patchin Place, 3 Patchin Place, 5 Patchin Place, 7 Patchin Place, and others in West Village. The deal closed on February 25, 2021 and was recorded on March 11, 2021.

The average loan per unit is $157,143.
The loan is for $5.5 million. The signatory for Morgan Holding is Andrew Duell. There is an error that reports the loan at $55 million. The Duell family bought the properties for $630,000 in 1963, the New York Times reported.
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