Kaushik Patel borrows $6M from Parke Bank for new hotel construction in Mott Haven

Kaushik Patel through the entity Boston Hotel LLC as borrower signed a loan agreement with lender Parke Bank valued at $5.7 million for 1 parcel at 3362 Boston Road in Mott Haven. The deal closed on February 26, 2020 and was recorded on March 16, 2020.
There has been one new building permit application totaling 17,342 square feet. Those plans include a total of 56 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 2 residential units.
This is a new construction loan. The last time the property sold was May 9, 2018, for $1,550,000.

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