Montreal-based Rester Management borrows $31.3M from Canadian Imperial Bank for 62-unit rental in Flatbush

Montreal-based Rester Management through the entity 186 Lenox Owners L.P. as borrower signed a loan agreement with lender Canadian Imperial Bank Of Commerce valued at $31.3 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 62 residential units at 186 Lenox Road in Flatbush. The deal closed on December 18, 2020 and was recorded on December 28, 2020.
The property contains a total of 62,344 square feet of built space.
The average loan per unit is $504,435.
The last time the property sold was December 29, 2015 for $7,000,000.
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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,100.

Direct link to Acris document. link