Jacob Jacobowitz borrows $6.5M from Capital One to refi multifamily property in Longwood Melrose

Jacob Jacobowitz through the entity Sherman Holdings USA LLC as borrower signed a loan agreement with lender Capital One valued at $6.5 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 46 residential units at 956 Sherman Avenue, 482 East 167th Street in Longwood Melrose. The deal closed on May 26, 2020 and was recorded on June 1, 2020.
The property has 49,506 square feet of built and available development rights.
The average loan per unit is $141,304.
The financing includes $2 million gap loan. The last time the property sold was May 14, 2015, for $2,050,000.

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