Joel Gluck borrows $50M from Santander Bank for multifamily property in Bronx

Joel Gluck through the entity Rosedale Gardens NY LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $50.0 million for 8 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 470 residential units at 501 Commonwealth Avenue, 502 Rosedale Avenue, 520 Rosedale Avenue, 540 Rosedale Avenue, 550 Rosedale Avenue, and others in Bronx. The deal closed on December 30, 2019 and was recorded on January 8, 2020.

The average loan per unit is $106,383.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $100,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link