Energy company Sprague borrows $56M from MUFG Bank for property in Mott Haven

The energy company Sprague through the entity Sprague Operating Resources LLC as borrower signed a loan agreement with lender MUFG Bank valued at $56 million for 6 parcels, including the tax class tank farms (F8) at 939 East 138th Street, 184 Locust Avenue, 290 Locust Avenue, 302 Locust Avenue, 303 Locust Avenue, and others in Mott Haven, the Bronx. The deal closed on August 17, 2020 and was recorded on August 24, 2020.
The property has 1,291,268 square feet of built space and available development rights.
The average loan per buildable square foot is $43.
The last time the property sold was December 8, 2014, for $25 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $46,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link