Finkelstein, Timberger borrows $131M from Morgan Stanley for multifamily portfolio in the Bronx

Finkelstein, Timberger, East Real Estate borrowed $130.6 million from Morgan Stanley Bank for a nearly 1,000-unit portfolio of rental buildings in the Bronx in two separate transactions. The loan package included $11 million in gap mortgages.

In the larger, Finkelstein, Timberger, East Real Estate through the entity 1299 The Bear LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank through the entity Morgan Stanley Bank, N.A. valued at $76.7 million for 8 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 536 residential units at 1270 Gerard Avenue, 1576 Taylor Avenue, 2785 Sedgwick Avenue, 1299 Grand Concourse, 2500 University Avenue, and others in Longwood Melrose. The deal closed on February 7, 2020 and was recorded on March 9, 2020.
The property has 583,021 square feet of available development rights.
The average loan per unit is $143,060.
This debt package includes a $3.8 million gap loan.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $42,450. There was one renovation/alteration project (A2) applied for with a total estimated value of $60,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Finkelstein, Timberger, East Real Estate through the entity The Whole Truth LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank through the entity Morgan Stanley Bank, N.A. valued at $53.9 million for 6 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 387 residential units at 75 West 190th Street, 3041 Holland Avenue, 3031 Holland Avenue, 1791 Walton Avenue, 2770 Kingsbridge Terrace, and others in University Heights. The deal closed on February 25, 2020 and was recorded on March 9, 2020.
The property has 419,651 square feet of available development rights.
The average loan per unit is $139,276.
This debt package includes $7.3 million gap loan.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 50 residential (or hotel) units on July 23, 2015.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $472,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $68,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link