GID borrows $128M from Prudential for property in Lincoln Square

GID Real Estate Investments through the entity Imp Ashley LLC as borrower signed a loan agreement with lender Prudential Financial through the entity Prudential Multifamily Mortgage, LLC valued at $127.7 million for 6 parcels, including the tax class multifamily, luxury type (D8) and containing 318 residential units at 60 Riverside Boulevard in Lincoln Square. The deal closed on November 5, 2020 and was recorded on November 19, 2020.
The property contains a total of 253,788 square feet of built space. The property has 557,299 square feet of available development rights.
The average loan per unit is $401,465.
This loan refinanced existing debt. The last time the property sold was April 9, 2013 for $221,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 209 residential units on August 8, 2012.
Over the past five years, there have been 5 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 $1,018,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $294,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link