Nonprofit ACMH borrows $9.6M from Dormitory Authority for housing in Morrisania

The nonprofit ACMH, Inc. as borrower signed a loan agreement with lender Dormitory Authority Of The State Of New York valued at $9.6 million for 1 parcel, including the tax class condop (R9) and containing 60 residential units at 3305 3rd Avenue in Morrisania. The deal closed on September 15, 2020 and was recorded on October 2, 2020.
The property contains a total of 45,973 square feet of built space.
The average loan per unit is $267,370.
ACMH is a case-management and housing nonprofit for homeless and mentally ill individuals. The last time the property sold was October 4, 2018, for $7,803,875.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on July 13, 2017.

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