Monadnock Development borrows $289M through NYC bonds for property in Central Harlem{

Monadnock Development through the entity Pact Renaissance Collaborative LLC as borrower signed a loan agreement with bond issuing entity the New York City Housing Development Corp. valued at $289.1 million for 39 parcels, including the tax class multifamily, old law tenements (C4) and containing 2,610 residential units at 2401 Adam C Powell Blvd, 2403 Adam C Powell Blvd, 2405 Adam C Powell Blvd, 2109 Amsterdam Avenue, 2111 Amsterdam Avenue, and others in Central Harlem. The deal closed on November 30, 2020 and was recorded on January 5, 2021.
The property has 588,062 square feet of built space and available development rights.
The average loan per unit is $256,161.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $387,090.
Direct link to Acris document. link