Mortar signs $14.7M construction loan with Popular Bank for development in Astoria

Mortar through the entity NPL Mortar LLC as borrower signed a new construction loan with lender Popular Bank valued at $14.7 million for the property (E9) at 11-32 31st Avenue in Astoria, Queens.
The deal closed on July 22, 2021 and was recorded on August 26, 2021.
(421133295) Plans for a 29-unit, 29,900 square-foot R-2 were filed on September 28, 2020.
The loan price per buildable square foot is $492 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on 22-Jul-21, for $5 million.
The signatory for Mortar was Alexander Rosner.

Within a 400-foot radius of 11-32 31st Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, five were in new building development. There were two new building permit applications and three new building permits. The most recent of these five items was a filing on August 17, 2021 for a 24,279-square-foot R-2 building with 35 residential units at 11-32 31st Drive.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 29, 2019 for the $278,200.0 renovation of 0-square-foot R-2 building with nine residential units at 11-28 31st Drive.
One of those seven items was a loan which Cape Advisors and Pioneer Group borrowed $180 million from Square Mile Capital secured by the N/A-square-foot development site (V0) on 11-37 31st Avenue and two other properties on August 17, 2020.

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