Geel Community signs $38.5M construction loan with Merchants Bank for 116-unit project in Norwood
3095 Webster Avenue (Credit - Google)
Geel Community Services through the entity Geel Webster Avenue Housing Development Fund Corpo as borrower signed a new construction loan with lender Merchants Bank of Indiana valued at $38.5 million for the 116-unit project at 3095 Webster Avenue in Norwood, Bronx.
The deal closed on June 17, 2022 and was recorded on July 1, 2022. The prior lender was Citibank which held debt that had an original loan amount of $6.3 million. The property has 3,880 square feet of built space and 45,956 square feet of additional air rights for a total buildable of 49,875 square feet according to PincusCo analysis of city data. The loan price per built square foot is $9,923 and the price per buildable square foot is $771 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Geel Community Services was Maria Matias.
The property
The 3095 Webster Avenue parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 11,875 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $451,000.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $5,050 in OATH penalties in the last year.
Development
On these lots, there is one active new building construction project for a 116-unit, 65,661-square-foot R-2 building. The project was developed by Maria Matias with plans filed May 6, 2020 and it has not been permitted yet.
The block
On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 233,040 square feet of the 367,776 square feet. The largest owner is Edward Khalil, followed by Deanna Joy and then Palush Marku. There are three active new building construction projects totaling 100,402 square feet. The largest is a 116-unit, 65,661-square-foot R-2 building developed by Maria Matias with plans filed May 6, 2020 and it has not been permitted yet. The second largest is a 33-unit, 28,929-square-foot R-2 building developed by Edward Khalil with plans filed December 3, 2013 and permitted February 1, 2018.
The majority, or 53 percent of the 374,152 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 31 percent of the space.
Surrounding
Within a 400-foot radius of 3095 Webster Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Atlantis Management Group bought the 1,950-square-foot, one-unit retail building (G4) on 3087 Webster Avenue for $6 million from Melito family on December 30, 2020.
One of those two items was a loan which Deanna Joy borrowed $6 million from First Republic Bank secured by the 52,800-square-foot, 49-unit rental (C1) on 3060 Decatur Avenue and two other properties on December 8, 2021.
Direct link to Acris document. link