LIHC Investment Group ups debt by $25M to $65M at rental property in Kips Bay

LIHC Investment Group through the entity Site 10 Community Alliance Associates as borrower signed a loan agreement with lender ORIX Real Estate Capital valued at $65 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 224 residential units at 332 East 28th Street in Kips Bay. The deal closed on July 17, 2020 and was recorded on August 7, 2020.
The package added $25 million in new debt compared to the $40 million provided in 2012.
The property contains a total of 165,739 square feet of built space. The property has 39,549 square feet of available development rights.
The average loan per unit is $290,179.
This is for the Renwick Gardens Apartments.

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