Nortco Development signs $26M refi with Bank Hapoalim, Northwind, for four UWS properties

Nortco Development through the entity Amsterdam 88 LLC as borrower signed a refi loan with lenders Bank Hapoalim and Northwind Group valued at $26 million for four properties with 56 residential units from 568 to 574 Amsterdam Avenue on the Upper West Side of Manhattan.
The deal closed on July 17, 2024 and was recorded on July 24, 2024. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $35 million.
In the new financing package, Bank Hapoalim provided $13 million in senior debt and Northwind Group through the entity NW 88th Street Lender LLC provided a $13 million mezzanine loan.

The four properties have 46,000 square feet of built space and 62,979 square feet of additional air rights for a total buildable of 108,960 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $564 and the price per buildable square foot is $238 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Nortco Development was Chaim Nortman. The signatory for Bank Hapoalim was Judy Barnes and Ingo Cruz Pinto.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Frank Ortiz, head officer. The business entity is Amsterdam Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 12 housing violations, $8,680 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 574 Amsterdam Avenue, PincusCo has identified the owners of 12 of the 21 commercial properties representing 383,991 square feet of the 666,638 square feet. The largest owner is Atlantic Coast Enterprises Llc, followed by Bldg Management and then Brusco Group.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 666,638 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

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