Innovo, Square Mile borrow $83M from Bank OZK for property in Longwood Melrose

Innovo Property Group and Square Mile Capital Management through the entity Bruckner Boulevard Owner LLC as borrower signed a loan agreement with lender Bank OZK valued at $83 million for 1 parcel, including the tax class multi-motion picture theatre (J8) at 2505 Bruckner Boulevard in Longwood Melrose. The deal closed on March 31, 2020 and was recorded on April 7, 2020.

The Real Deal reported last week that Bank OZK and the finance arm of EverWest Real Estate Investors provided a $305 million construction loan. The debt package recorded yesterday does not include a building loan or a project loan. It includes a gap loan of $29 million and refinances $54 million provided in 2017 by TH Commercial Mortgage. The last time the property sold (since 2010) was September 27, 2017, when Square Mile bought it for $75,000,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $25,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link