Isaac Kassirer’s Emerald Equity Group borrows $29M from Sabal Capital for multifamily property in the Bronx

Isaac Kassirer’s Emerald Equity Group borrowed $29.1 million from Sabal Capital in two transactions recorded yesterday for rental buildings in the Bronx.

Isaac Kassirer’s Emerald Equity Group through the entity Bronx 1202 Spofford Avenue L.P. as borrower signed a loan agreement with lender Sabal Capital II, LLC valued at $14.7 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 106 residential units at 441 East 187th Street, 440 East 187th Street, 1202 Spofford Avenue in Tremont. The deal closed on October 11, 2019 and was recorded on November 4, 2019.
The property contains a total of 15,300 square feet of built space.
The average loan per unit is $138,392.
The last time the property sold was March 1, 2016, for $3,103,383.

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 $182,117.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Emerald Equity Group through the entity Bronx 2224 Lyon Avenue L.P. as borrower signed a loan agreement with lender Sabal Capital II, LLC valued at $14.4 million for 4 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 101 residential units at 1071 Franklin Avenue, 1134 West Farms Road, 2224 Lyon Avenue, 810 Ritter Place in Morrisania. The deal closed on October 11, 2019 and was recorded on November 4, 2019.
The property contains a total of 19,105 square feet of built space.
The average loan per unit is $142,720.
The last time the property sold was March 1, 2016, for $4,049,865.

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

Share this article