Nonprofit Doe Fund borrows $9.7M from Wells Fargo Trust for property in Bedford-Stuyvesant

The nonprofit Doe Fund through the entity Gates Avenue Housing Development Fund Corporation as borrower signed a loan agreement with lender Wells Fargo Trust Company valued at $9.7 million for 1 parcel, including the tax class miscellaneous (N9) at 520 Gates Avenue in Bedford-Stuyvesant. The deal closed on October 16, 2020 and was recorded on October 28, 2020.
The property contains a total of 19,934 square feet of built space.
The average loan per buildable square foot is $484.
Several days before this financing, a $1.9 million loan from HPD was discharged.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $56,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link