Finkelstein Timberger borrows $9M from Prudential for property in Tremont

Finkelstein Timberger East Real Estate through the entity Drew Development Limited as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $9.1 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 73 residential units at 215 Mt Hope Place in Tremont. The deal closed on July 21, 2020 and was recorded on July 30, 2020.
The property contains a total of 79,500 square feet of built space. The property has 120,300 square feet of available development rights.
The average loan per unit is $124,699.
This is part of a larger $62 million loan package.

Over the past five years, there have been 4 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 $49,050. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $85,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link