LIHC Investment cuts interest rate on $8M loan from Prudential Huntoon Paige at 95-unit rental in Inwood

The LIHC Investment Group through the entity Inwood Associates L.P. as borrower signed a loan agreement with lender Prudential Huntoon Paige Associates valued at $8 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 95 residential units at 10 Post Avenue in Inwood. The deal closed on August 1, 2020 and was recorded on August 21, 2020.
The property contains a total of 87,600 square feet of built space. The property has 91,970 square feet of available development rights.
The average loan per unit is $84,334.
The interest rate on the loan was reduced from 3.81 percent to 2.57 percent.

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 $173,967.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link