Edge Property Group refinances 8 properties with $16M from Sterling National Bank

Ari Sherizen’s Edge Property Group through the entity Edge Edgecombe LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $16 million for 8 parcels, including the tax class unlicensed parking lot (G7) at 464 West 166th Street, West 166th Street, 460 West 166th Street, 458 West 166th Street, 639 Edgecombe Avenue, and others in Washington Heights. The deal closed on March 20, 2020 and was recorded on March 26, 2020.
The property contains a total of square feet of built space. The property has 99,873 square feet of available development rights.
The average loan per buildable square foot is $160.
The debt was increased by $11 million from $5 million previously provided by Metropolitan Community Bank.

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