Dune Real Estate borrows $65M from JPMorgan Chase to buy property in Mott Haven

Dune Real Estate Partners through the entity 980 BLC Owner LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $65 million for 5 parcels, including the tax class miscellaneous warehouse (E9) at 920 East 149th Street, East 141st Street, 940 East 149th Street, 980 East 149th Street and East 141st Street in Mott Haven. The deal closed on August 31, 2020 and was recorded on September 11, 2020.
The property has 1,160,398 square feet of available development rights, according to an analysis by PincusCo of city data.
The average loan per buildable square foot is $53.
Dune acquired an interest from Turnbridge Equities. Eric Calder was the signatory for Dune.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $614,386.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Amanda M. Barner