L&M Development Partners borrows $53M from New York State Housing Finance Agency for property in East Village

L&M Development Partners through the entity Avenue D Owners LLC as borrower signed a loan agreement with lender New York State Housing Finance Agency valued at $52.8 million for 3 parcels, including the tax class commercial condo recorded in Acris (CC) and containing 110 residential units at 79 Avenue D in the East Village. The deal closed on September 25, 2019 and was recorded on October 18, 2019.

The average loan per unit is $480,000.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 110 residential units on September 25, 2018.

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

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