JAM Real Estate Partners obtained financing of $12M from Voya Financial

JAM Real Estate Partners through the entity Jam 1685-1687 LLC as borrower signed a loan agreement with lender Voya Financial through the entity Security Life Of Denver Insurance Company valued at $11.7 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 27 residential units at 1685 1st Avenue in Yorkville. The deal closed on August 21, 2019 and was recorded on September 09, 2019.
The property contains a total of 16,889 square feet of built space. The property has 23,345 square feet of available development rights.
The average loan per unit is $434,259.
The last time the property sold was August 21, 2019, for $13,000,000.

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 $267,290.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link