Finkelstein-Timberger Real Estate borrows $50M from Morgan Stanley for multifamily property in Highbridge

Finkelstein-Timberger Real Estate through the entity HAF Associates LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $50.4 million for 5 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 351 residential units at 1460 Macombs Road, 984 Sheridan Avenue, 2 Minerva Place, 4040 Bronx Boulevard, 901 Walton Avenue in Highbridge. The deal closed on November 5, 2019 and was recorded on November 27, 2019.
The property has 505,534 square feet of available development rights.
The average loan per unit is $143,590.

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. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $113,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link