Jenel Management gets $25M rehab construction loan for Fordham retail leased to Target

Jenel Management through the entity Fordham Valentine Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $25 million for 1 parcel, including the tax class two-story or store and office (K2) at 215 East Fordham Road in Fordham. The deal closed on February 23, 2021 and was recorded on February 24, 2021.
The property contains a total of 45,735 square feet of built space.
The average loan per buildable square foot is $332.
This is a rehab construction loan totaling $25 million composed of a $15.17 million land loan, a $6.65 million building loan and a $3.18 million project loan. Jenel signed Target for the building in 2020.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000,000.

Direct link to Acris document. link