Nelson Management Group borrows $22M from Santander Bank for property in Pelham Bay

Nelson Management Group obtained $21.5 million in financing from Santander Bank for 1730-1740 Mulford Avenue (Credit: Google)

Nelson Management Group through the entity Hazel Towers Company, L.P as borrower signed a loan agreement with lender Santander Bank valued at $21.5 million for the 285-unit building at 1730 Mulford Avenue in Pelham Bay, in the Bronx. The deal closed on July 31, 2019 and was recorded on September 20, 2019.
The property contains a total of 326,000 square feet of built space. The property has 115,713 square feet of available development rights.
The average loan per unit is $75,439.
Nelson Management obtained a loan that was more than twice the prior debt on the property. Fannie Mae assigned an original $10 million loan to Santander Bank which issued $11.5 million in new debt, bringing the total debt to $21.5 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 284 residential units on May 25, 2018.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $90,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $347,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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