HELP USA obtains $27.4M construction loan from Sterling National for 72-unit project in Morrisania

The nonprofit HELP USA through the entity Home Simpson LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $27.4 million for 1 parcel, including the tax class unlicensed parking lot (G7) at 1210 Simpson Street in Morrisania. The deal closed on October 22, 2020 and was recorded on November 9, 2020.
There has been one new building permit application totaling 55,402 square feet. Those plans include a total of 72 residential units.
This is a new construction loan. The last time the property sold was October 22, 2020, for $2,119,000.

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.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link