Neighborhood Restore borrows $80M from NYC HPD for housing acquisition in Upper Manhattan, Bronx

Neighborhood Restore through the entity Neighborhood Renewal Housing Development Fund Corp as borrower signed a loan agreement with lender New York City Housing Preservation and Development valued at $79.7 million for 16 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 206 residential units at 492 East 138th Street, 494 East 138th Street, 475 West 145th Street, 416 East 138th Street, 2082 Madison Avenue, and others in Mott Haven. The deal closed on February 4, 2020 and was recorded on February 19, 2020.

The average loan per unit is $387,030.
This is for the acquisition and rehabilitation of affordable housing.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for at least one of these buildings, with 9 residential units, on January 30, 2020.
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 $67,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link