M&R Management borrows $13M from Santander Bank for multifamily property in Midwood

M&R Management through the entity 3692 Bedford, LLC as borrower signed a loan agreement with lender Santander Bank through the entity Santander Bank, N.A. valued at $13.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 51 residential units at 3692 Bedford Avenue in Midwood. The deal closed on October 18, 2019 and was recorded on December 5, 2019.
The property contains a total of 76,422 square feet of built space.
The average loan per unit is $254,902.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $120,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link