Isaac Herskovitz borrows $20M from Popular Bank to refi multifamily property in Highbridge

Isaac Herskovitz through the entity Highbridge Apartments Estates LLC as borrower signed a loan agreement with lender Popular Bank valued at $19.6 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 94 residential units at 1055 University Avenue in Highbridge. The deal closed on March 23, 2020 and was recorded on March 30, 2020.
The property contains a total of 89,457 square feet of built space.
The average loan per unit is $208,511.
This is a refinance and includes an $8 million gap loan. The last time the property sold was February 10, 2005, for $6,380,000.

Over the past five years, there have been 3 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 $187,606.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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