MT Capital Group borrows $29M from Popular Bank for acquisition of nursing home in Arverne

Morris Tenenbaum’s MT Capital Group as borrower signed a loan agreement with lender Popular Bank valued at $29 million for 1 parcel, including the tax class nursing home (I6) at 64-11 Beach Channel Drive in Arverne. The deal closed on March 19, 2020 and was recorded on April 22, 2020.
The property contains a total of 87,630 square feet of built space.
The average loan per buildable square foot is $331.
This is a two-year term loan for the acquisition of the property on the same date.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 17, 2012.
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 $347,811.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link