Highpoint Property Group borrows $6.3M from CIT Bank to rehab rental property in Chelsea

Drew Popkin’s Highpoint Property Group through the entity 231 West 20th Street Owner LLC as borrower signed a renovation loan agreement with lender CIT Bank valued at $6.3 million for 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 10 residential units at 231 West 20th Street in Chelsea. The deal closed on July 2, 2020 and was recorded on July 10, 2020.
The property contains a total of 3,150 square feet of built space. The property has 4,711 square feet of available development rights. Highpoint filed to renovate the building.
The average loan per buildable square foot is $801.

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