Nicholas Schimienti borrows $18M from First Republic for multifamily property in Soundview

Nicholas Schimienti through the entity 1280 Commonwealth Associates LLC as borrower signed a loan agreement with lender First Republic Bank valued at $18.4 million for 7 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 314 residential units at 1302 Rosedale Avenue, 321 Bedford Park Blvd, 1280 Commonwealth Avenue, 2973 Briggs Avenue, 2969 Briggs Avenue, and others in Soundview. The deal closed on December 13, 2019 and was recorded on March 3, 2020.

The average loan per unit is $49,038.

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 $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link