Gladiate Capital borrows $7.5M from Berkadia for newly built multifamily property in Highbridge

Gladiate Capital through the entity 979 Summit Real Estate LLC as borrower signed a loan agreement with lender Berkadia Commercial Mortgage LLC valued at $7.5 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 34 residential units at 979 Summit Avenue in Highbridge. The deal closed on June 25, 2020 and was recorded on June 30, 2020.
The property contains a total of 29,606 square feet of built space.
The average loan per unit is $219,853.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 34 residential units on September 24, 2019.
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. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $453,600.There has been one new building permit application totaling 24,557 square feet. Those plans include a total of 34 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link