Joel Gluck’s Spencer Equity borrows $36M from Signature Bank for multifamily property in Highbridge

Joel Gluck’s Spencer Equity through the entity Alliance Housing II Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $36.0 million for 2 parcels, including the tax class multifamily, fireproof – with stores (D6) and containing 174 residential units at 1116 Woodycrest Avenue, 1132 Nelson Avenue in Highbridge. The deal closed on November 25, 2019 and was recorded on November 27, 2019.
The property contains a total of 78,056 square feet of built space. The property has 276,610 square feet of available development rights.
The average loan per unit is $206,897.

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