517-unit Lindenwood co-op in Howard Beach borrows $27.2M from Investors Bank

Lindenwood Owners cooperative through the entity Lindenwood Owners Corp. as borrower signed a loan agreement with lender Investors Bank valued at $27.2 million for 3 parcels, including the tax class cooperative (D4) and containing 517 residential units at 84-10 153rd Avenue in Howard Beach. The deal closed on July 31, 2020 and was recorded on August 7, 2020.
The average loan per unit is $52,611.
The financing includes a $4.4 million gap loan.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for one of the buildings with 85 residential units on September 15, 2014.

Direct link to Acris document. link
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