Fordham-Bedford Housing Corp. borrows $19.9M rehab loan for 114 units in Tremont

Fordham-Bedford Housing Corp. through the entity Park Gates Housing Development Fund Corporation as borrower signed a loan agreement with lender The Bank Of New York Mellon valued at $19.9 million for 3 parcels, including the tax class cooperative (C6) and containing 114 residential units at 1854 Monroe Avenue, 2068 Bathgate Avenue, and 4619 Park Avenue in Tremont. The deal closed on November 13, 2020 and was recorded on December 1, 2020.

The average loan per unit is $174,960.
This is a rehab construction loan.

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 $1,557,324.
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