Meshulem Zusia Twersky borrows $7M from Conventus for property in Morrisania

Meshulem Zusia Twersky through the entity 701 Elton Avenue LLC as borrower signed a loan agreement with San Francisco-based private lender Conventus LLC valued at $7.4 million for 1 parcel, including the tax class fireproof warehouse (E1) at 701 Elton Avenue in Morrisania. The deal closed on July 25, 2019 and was recorded on September 16, 2019. The loan added $2.5 million in new debt, including $500,000 as a building loan. On top of that loan, the owner borrowed an additional $300,000 from Bronxville-based Park National Capital Funding.
The property contains a total of 24,550 square feet of built space.

The last time the property sold was February 10, 2017, for $3,200,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,025,000. Those filings sought to increase the number of residential units by 33 to 33 There was one renovation/alteration project (A2) applied for with a total estimated value of $280,083.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link