Joseph J. Zitolo borrows $6M from Sterling National Bank for multifamily property in Inwood

Joseph J. Zitolo through the entity 9-15 Adrian Associates, L.L.C. as borrower signed a loan agreement with lender Sterling National Bank valued at $6 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 105 residential units at 9 Adrian Avenue, 11 Jacobus Place in Inwood, the Bronx. The deal closed on May 27, 2020 and was recorded on June 17, 2020.
The property contains a total of 42,780 square feet of built space.
The average loan per unit is $57,143.
The financing includes a gap loan of $5.9 million.

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