MDG, Smith & Henzy, Foundling Group borrow $72M for affordable development in Brownsville

MDG Design + Construction, Smith & Henzy Advisory Group, and the Foundling Group through the entity Vital Brookdale LLC as borrower signed a loan agreement with lender New York Foundling (The) valued at $72.1 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 535 East 98th Street in Brownsville. The deal closed on March 31, 2000 and was recorded on June 22, 2020.
There has been one new building permit application totaling 137,660 square feet. Those plans include a total of 160 residential units.
This is an affordable housing project.

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