L+M signs $19.5M construction loan with EB-5 affiliate for development in East Harlem

L+M Development Partners through the entity SV-B Civic Partners LLC as borrower signed a new construction loan with lender, an affiliate of the New York City Regional Center through the entity NYCR Sub-CDE 9, LLC valued at $19.5 million for the development site (V1) at 60 East 112th Street in East Harlem, Manhattan.
The deal closed on June 7, 2021 and was recorded on June 18, 2021.

The signatory for L+M Development Partners was Spencer Orkus.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $12.2 million.

There have been 2 new building permit applications. Those plans include a total of 745 residential units.
The L+M entity is SV-B CIVIC PARTNERS LLC. The lender is an affiliate of the New York City Regional Center, LLC, which arranges EB-5 loans.

Direct link to Acris document. link