L+M Development, Invesco borrow $232M from Wells Fargo for rental property in East Harlem

L+M Development Partners and Invesco Real Estate through the entity River Crossing Owner LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $232.1 million for 3 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 761 residential units at 455 East 102nd Street, 1962 1st Avenue, 1940 1st Avenue in East Harlem. The deal closed on October 23, 2019 and was recorded on October 29, 2019. The loan was then assigned to Fannie Mae.
This is just a portion of what is expected to be several thousand units.

The average loan per unit is $304,928.
The last time the three properties sold was April 17, 2007, for $230.5 million.

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

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