L+M Development borrows $80M from NYS Housing Finance Agency for new development in Brownsville

Ron Moelis’s L+M Development Partners through the entity MGX Associates Phase 1 F LLC as borrower signed a loan agreement with lender New York State Housing Finance Agency valued at $80.2 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at Chester Street in Brownsville. The deal closed on December 18, 2019 and was recorded on January 13, 2020.

The last time the property sold was December 16, 2014, when it was a piece of a portfolio sale totaling $98,676,252. This loan is for the construction of the 174-unit Marcus Garvey Extension.

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 has been one new building permit application totaling 153,964 square feet. Those plans include a total of 175 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link