Kranken House FH and Kranken House LH together borrow $135M from UMB Bank, as trustee, for property in Lower East Side

Kranken House FH LP and Kranken House LH LP as borrower signed a loan agreement with trustee UMB Bank, N.A., as Trustee valued at $135.1 million for 1 parcel, including the tax class nursing home (I6) at 45 Rivington Street in Lower East Side. The deal closed on September 9, 2019 and was recorded on September 18, 2019.
The property contains a total of 150,000 square feet of built space.
There are two loans, one to Kranken House FH LP, the fee owner, for $107.9 million, and another for $27.3 million to Kranken House LH LP, the lease holding entity.

The last time the property sold was February 11, 2016, for $116,000,000.

Over the past five years, there have been 7 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 $17,134,950. Those filings sought to increase the number of residential units by 102 to 102 There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $4,021,625.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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