Hudson Valley Property Group ups affordable debt by $7.98M

Hudson Valley Property Group through the entity Riverview Redevelopment Company, L.P. as borrower signed a loan agreement with lender Wells Fargo Bank valued at $7.98 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 766 residential units at 1600 Sedgwick Avenue in Highbridge. The deal closed on December 18, 2020 and was recorded on January 15, 2021.
The property contains a total of 416,144 square feet of built space.
The average loan per unit is $10,418.
This is an acquisition loan. Hudson Valley assumed an existing loan from 2019 with a maximum principal of $75.9 million.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $244,460.

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