Montefiore borrows $707M for medical property in Riverdale

Montefiore Medical Center as borrower signed a loan agreement with lender Bank of New York Mellon as trustee for bondholders valued at $706.5 million for 3 parcels, including the tax class hospitals, sanitariums, mental institutions (I1) at 111 East 210th Street, 3348 Rochambeau Avenue, 170 East Gun Hill Road in Riverdale. The deal closed on February 1, 2020 and was recorded on February 26, 2020.
The property contains a total of 895,256 square feet of built space. The property has 351,722 square feet of available development rights.
The average loan per buildable square foot is $354.
This bond issuance is on top of others including $200 million in 2019 and $1.16 billion in 2018.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 15, 2012.
Over the past five years, there have been 31 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 31 renovation/alteration projects (A2) applied for with a total estimated value of $21,960,579.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link