Michael Merges signs $6.5M refi loan with JPMorgan Chase for rental in Tremont

Michael Merges through the entity Timac Realty LLC as borrower signed a refi loan with lender JP Morgan Chase Bank valued at $6.5 million for the 60-unit rental (C7) at 307 East Tremont Avenue in Tremont, Bronx.
The deal closed on May 3, 2021 and was recorded on May 12, 2021.
The property has 61,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 43,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $106 per the PincusCo analysis.
The owner bought the property on 22-Nov-05, for $5.6 million.
The signatory for Michael Merges was Michael Merges.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $159,500.
The owners according to the Department of Housing Preservation and Development includes Michael Merges, head officer and Costas Merges, officer. The business entity is Timac Realty, Llc.

Direct link to Acris document. link