Monadnock gets $100M construction loan for Compass Residences in Tremont

Monadnock Development through the entity Compass Six Owner LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $100.1 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 1927 West Farms Road in Tremont. The deal closed on December 17, 2020 and was recorded on December 29, 2020. This is for the Compass Residences project.
No Department of Buildings project has been filed for the parcel.
This is a new construction loan. The last time the property sold was October 5, 2016 for $6,070,362.
Over the past five years, there have been 3 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 $2,000.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link