Finkelstein Timberger borrows $25.9M from Prudential as part of $62M Bronx refi

Finkelstein Timberger East Real Estate borrowed $25.9 million from Prudential Multifamily Mortgage, LLC which was assigned to Fannie Mae, for property in the Bronx in three separate transactions. A press release yesterday from the mortgage broker said the total loan package was $62 million and included additional properties.

In the largest of the three transactions recorded yesterday, Finkelstein Timberger through the entity Berger Associates LLC as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $12.3 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 78 residential units at 690 Gerard Avenue in Longwood Melrose. The deal closed on July 21, 2020 and was recorded on July 29, 2020.
The property contains a total of 98,438 square feet of built space. The property has 128,272 square feet of available development rights.
The average loan per unit is $158,179.
The entire loan package is $62 million according to a release from Black Bear Capital Partners. So far, only $25.9 million has been recorded. Black Bear Capital Partners’ Bryan Manz, Rob Serra, Emil DePasquale, and Brandon Harris arranged the financing. The loan was assigned to Fannie Mae.

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 $318,450. Those filings sought to increase the number of residential units by 5 to 83. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $55,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Finkelstein Timberger through the entity Harley A Corp. as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $7.9 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 56 residential units at 111 Mt Hope Place in Tremont. The deal closed on July 21, 2020 and was recorded on July 29, 2020.
The property contains a total of 53,400 square feet of built space. The property has 75,275 square feet of available development rights.
The average loan per unit is $141,464.

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 $1,325,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third, Finkelstein Timberger through the entity Charlotte Bailey Associates LLC as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $5.6 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 32 residential units at 305 Bedford Park Blvd, 2936 Bainbridge Avenue in Riverdale. The deal closed on July 21, 2020 and was recorded on July 29, 2020.
The property contains a total of 17,600 square feet of built space.
The average loan per unit is $175,031.
The prior debt of $5.45 million was held by Oritani Finance. The last time the property sold was August 2, 2010, for $3,100,000.

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 $272,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link