Ivy Realty borrows $20M from Northeast Bank for to buy in Hudson Yards

Ivy Realty through the entity Ivy 39th Street Property, LLC as borrower signed a loan agreement with lender Northeast Bank valued at $20 million to buy 1 parcel, including the tax class transient occupancy hotel (H3) and containing 177 units at 338 West 39th Street in Hudson Yards. The deal closed on December 4, 2020 and was recorded on December 17, 2020.
The property contains a total of 77,999 square feet of built space.
The average loan per unit is $112,994.
This is an acquisition loan, with the borrower signatory Anthony P. DiTommaso, Jr., co-founder of Ivy Realty.

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