Maddd Equities obtained financing of $36M from Ladder Capital Finance

Maddd Equities through the entity 580 Gerard LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $36.2 million for 1 parcel, including the tax class warehouse or self storage (E7) at 580 River Avenue in Bronx. The deal closed on July 26, 2019 and was recorded on August 14, 2019.
The property contains a total of 198,168 square feet of built space. The property has 80,168 square feet of available development rights.
The average loan per buildable square foot is $183.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 31, 2012.
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 was one renovation/alteration project (A2) applied for with a total estimated value of $120,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link